Introduction

As the tax filing deadline is quickly approaching, many procrastinators and those who legitimately are just not ready to file their returns become stressed out and frantic, trying to meet what may virtually be an impossible deadline. Many would rather rush to get their returns prepared than file an extension. Common concerns include, but are not limited to, being flagged as a late filer, being assessed penalties, or being more likely to be audited. If you are one of these individuals, I hope that I can put your mind at ease and inform you of what it really means to extend your tax return and the benefits of doing so.

A few notes before getting started:

• This article is written assuming a tax year that is the same as the calendar year, which is the case for most individual taxpayers.

• If a tax deadline noted falls on a holiday or weekend, the deadline is actually the next business day.

• The focus of this article is on the filing of federal individual extensions except where noted otherwise.