Instead of rushing to April 15 to file your taxes, you can file an extension. There’s no shame in an extension, and millions are processed every year. Everyone with an April 15 deadline can get six extra months by filing an extension form. You need to pay what you owe–the extension is to file your return not to pay–but there are good reasons to take the extension.
First, going on extension encourages reflection. Use the time to gather records, consider reporting alternatives, and get professional advice. File accurately so you don’t have to amend later. Amended returns often come about because people rush.
The extension is automatic. The IRS doesn’t have to approve the extension; there is no discretion involved. You just get the extra six months, period. Make your payment and use the time to make your return accurate and complete.
IRS Form 4868 (Automatic Extension)
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Clergy Financial Resources serves as a resource for clients to help analyze the complexity of clergy tax law, church payroll & HR issues. Our professionals are committed to helping clients stay informed about tax news, developments and trends in various specialty areas.
This article is intended to provide readers with guidance in tax matters. The article does not constitute, and should not be treated as professional advice regarding the use of any particular tax technique. Every effort has been made to assure the accuracy of the information. Clergy Financial Resources and the author do not assume responsibility for any individual’s reliance upon the information provided in the article. Readers should independently verify all information before applying it to a particular fact situation, and should independently determine the impact of any particular tax planning technique. If you are seeking legal advice, you are encouraged to consult an attorney.
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