Each year as the tax filing deadline approaches, many taxpayers wonder if they should scramble to get it done, or just get an extension.
If you have yet to file your federal tax return, you may be wondering if you should rush to get it done, or ask for more time. That part is easy.An extension will indeed give you until October to finish filing, but the problem is that your tax bill is still due if you owe any money. Amanda Monroe is among those hoping to be done filing by the tax deadline of April 18 so she doesn't have to file for an extension.
"The only people that really need to extend are those that really are awaiting some final documentation from a transaction, a partnership, an S Corp, or K-1 perhaps," he said."But all of those were required by law to be out already." But even if you plan to file an extension, Steber says to estimate how much you owe in taxes and get something to the IRS by midnight of April 18.
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