(2 min. read) • Three Ways Tax Extensions Work Against You

As tax season approaches, many people begin to feel the pressure of getting their taxes done on time. With this year’s deadline already in the past, a flurry of extensions are being completed with the renewed energy of a last minute assignment. It can be tempting to file for an extension and put off dealing with taxes for another six months, but is it really the best idea? Douglas S. Noonan, Aurora’s highest rated CPA, might advise against filing an extension for several reasons.

First and foremost, if you’re expecting a refund, filing an extension means you’ll have to wait longer to receive it than you would if you filed on time. Who wants to wait longer for money that’s rightfully theirs? But even if you’re not expecting a refund, filing an extension doesn’t give you extra time to pay. In fact, 98% of your taxes are still due by the April deadline in order to avoid paying penalties and interest which can range from 0.5% to 25% of the unpaid total.

And let’s not forget that dealing with your taxes likely won’t be any easier at any time during the 6 months you have on the extension than it will be to file them by the deadline. Why prolong your agony?

With Douglas S. Noonan, there’s no need to feel overwhelmed by tax season. Douglas’ exceptional personal service has helped many clients see far bigger returns than they would have through big-name tax services. It’s no wonder many of his clients have stayed with him for ten years or more. Doug is committed to going above and beyond for his clients, ensuring they’re able to make the most of the deductions available to them.

While few feelings are shared among all Americans as strongly as our hatred of taxes and the temptation is always there to “deal with it later”, keep in mind that not all extensions will be approved.

Get yours filed on time with Douglas S. Noonan, and enjoy peace of mind knowing your returns are in good hands.