I want to clear up some confusion and misconceptions that go along with filing a tax extension. This information applies to individuals, sole proprietors, single member LLCs, and side hustle business owners.
The reality is, when someone hears that their tax professional insists on filing an extension, for whatever reason, the person invariably freaks out. They want their return filed by the filing deadline because they don’t want to owe any penalties and interest.
In this video, I’ll explain what it means to file a tax extenstion.
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Do you have questions about What it Means to File a Tax Extension? I’m an Illinois-licensed, Registered Certified Public Accountant with over 25 years of experience. I’m dedicated to providing outstanding tax and accounting services to individuals and small businesses in the Chicago area.
Disclaimer: Any accounting, business or tax advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, I would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
