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Tax extensions can help those who aren’t ready to file

| Mar 5, 2017 | back taxes or tax debt

As Tax Day draws nearer, some people may be realizing that they aren’t prepared for April 15. Maybe they haven’t received the necessary paperwork to complete their taxes yet; or perhaps their filings are so complicated that the task at hand is overwhelming. Even though April 18 is six weeks away, there is a lot that needs to happen for some tax filers before they can submit their filing.

So what are some of these filers to do? Failing to submit your taxes creates massive problems for the individual and this should be avoided if possible. However, some people just can’t get their taxes done in time, and others simply forget or procrastinate.  

This is where an extension on your tax filing deadline can be vital. Form 4868 is called an “Extension of Time to File Your Tax Return.” This needs to be filed by the tax deadline, and it will give you an additional six months to get your taxes in.

If you are a business, you can file a Form 7004 to get an extension on your taxes. If you are a corporation expecting a net operating loss, you can file for an extension using Form 1138.

These are critical options that any tax-paying entity should consider, but make sure you do so with legal counsel by your side too. Tax matters tend to very complicated very quickly, and when this happens, it behooves those in such a position to have an experienced taxx attorney by their side.