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02 / 22 / 2021 by Greg Freyman, CPA in News & Press

5 Extension Myths Debunked

 

You should avoid filing your taxes late. Filing your tax return late will cause late filing penalties. You can avoid late-filing penalties by filing an extension of time to file a form with the federal and state tax authorities.

If you think you may not make the due date of your return, you should seek help as soon as possible to receive the full benefit of the extension of time to file. Remember that an extension of time to file is an extension to file and not an extension to pay the taxes.

Our tax system is a pay-as-you-go tax system, which means that the taxes are due as you earn the taxable income throughout the year. There are many tax types, so do not automatically assume that the extension of time to file is always April 15th.

As always, remember our core belief resonates with you, our client, and our motto here at Freyman CPA is that your success is our success, all day, every day!

Freyman CPA

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