We all seem to procrastinate on our income taxes. I think the IRS realizes this, so they offer an automatic extension for filing, as long as you apply for it. Your tax preparer can file for the extension, or you can do it yourself.
Ryan Thompson, co-founder of FileLater.com, sent me an introduction of his company, and said it is the first (and for now, the only) site that allows you to e-file for an extension. It is an authorized IRS e-file provider. If you don’t have a relationship with a friendly local tax preparer, this could be a great option for your business.
Things to know about extensions:
- Sept. 15 is the extended deadline for filing.
- You still must pay any amount you expect to owe by April 15, when you file for your extension. (It’s an extension on time to file, not on time to pay.)
- You don’t have to give any reason.
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Becky started Small Biz Survival in 2006 to share rural business and community building stories and ideas with other small town business people. She and her husband have a small cattle ranch and are lifelong entrepreneurs. Becky is an international speaker on small business and rural topics.