We're talking about tax extensions and busting some common myths around them. Many people worry that filing for an extension could increase their risk of being audited and don't fully understand what filing for an extension means for the payment of their taxes.
We will break these myths down in today's episode. I'll share some tips for using the extra time provided by the extension wisely and prioritizing timely filing and payment to reduce stress for both you and your tax preparer.
What you'll hear in this episode:
[0:55] Breaking down myths around filing extensions for your taxes.
[1:20] Myth 1: You cannot file for an extension until the tax deadline
[2:32] Myth 2: If you file an extension, you increase the likelihood of being audited.
[4:05] Myth 3: Extensions extend the payment date of your taxes
[6:19] Bonus Myth 4: Can I extend my date beyond my initial extension?
* Related episodes:
104: What to Do When You Owe a Large Tax Bill with Jessica Smith
238: Why Your Tax Pro Says No to Creative Strategies
248: How to Take the Home Office Deduction
* Find everything you need at https://www.keepwhatyouearn.com! https://www.keepwhatyouearn.com/
* Questions about this episode? Text me!: https://my.community.com/shannonweinsteincpa
* Chat about this episode in the Keep What You Earn Community – http://keepwhatyouearn.circle.so/
* Hire us: https://www.fitnancialsolutions.com/accounting
* See how much you can save with an S Corp: https://www.keepwhatyouearn.com/keep-what-you-earn-s-corp-calculator
* Find me on IG https://www.instagram.com/shannonkweinstein/
* Meet me face-to-face on YouTube: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ
* Featured in Yahoo Finance! Read more here: https://finance.yahoo.com/news/10-bookkeepers-accountants-watch-2021-113800161.html
The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.