Business Tax Extension Filing By April 15 Deadline: Pros & Cons Guide Announced

Published February 12, 2024

The new release is timed in advance of the looming tax filing deadline, written for those who may be worried about finalizing their tax preparations. Trustway Accounting describes an extension as a possible temporary solution, granting applicants further time to get their taxes in order.

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Its new guide stresses that it's important to request an extension promptly if needed, explaining that April 15 is the deadline for filing either taxes or extensions. Yet, Trustway Accounting also notes that extensions may not be optimal for all situations - as such, its guide provides taxpayers with a balanced view that enables them to make an informed decision.

Trustway Accounting cites extra time to establish correct figures and gather needed documents as the main benefit of extending, reducing the risk of errors that may lead to penalties. On the other hand, its guide also points out that by extending, taxpayers are delaying access to any refunds they're expecting. Further, those who extend still need to pay their expected taxes on time in order to avoid accrued interest and a heftier payment sum later on.

As explained in the guide: "Remember, if you expect to owe taxes, you should estimate and pay those taxes by the original deadline to avoid possible interest and penalties on the amount owed."

By paying projected taxes in advance, advises Trustway Accounting, readers can avoid the accumulation of interest arising from any original debt owed past the filing deadline.

To help answer the question of whether or not readers should seek an extension before April 15, Trustway Accounting describes a hypothetical scenario framed around "John" - a typical taxpayer with filing concerns.

Like many taxpayers, Trustway Accounting positions John as not having immediate access to all the pertinent information he'll need for filing - but he'd face a delay to his expected tax refund by extending. The guide explores the pros and cons of both routes in full, helping to illustrate the decision for the benefit of readers who may be in a similar situation.

Crucially, Trustway Accounting is equipped to help readers tackle their imminent tax filing dilemmas by offering vital details. Its guide names the specific forms necessary for filing extensions while answering questions about how and when to pay estimated liabilities.

As a certified accounting firm, Trustway Accounting is also able to support taxpayers by consulting with them on their unique tax cases and assisting with either filing or extending as necessary.

"Tax extensions offer flexibility - but knowledge is power," emphasizes the guide. "Take the time to understand your individual situation, review the resources provided, and consider consulting a tax professional. Don't wait until the last minute. Proactively filing before the deadline ensures a smoother process and minimizes potential penalties."

Interested parties can access Trustway Accounting's full guide at:

Trustway Accounting
1236 Blue Ridge Blvd
United States

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