5 Reasons to File a Tax Extension
2. A partnership or other organization hasn’t sent out forms.If you are a partner in a business and are waiting to receive your Schedule K-1, it’s perfectly fine to file an extension and wait to receive that document.
3. You have an emergency that prevents you from completing your return.Unexpected hospitalization or long-term illness, a family emergency, or just crunch time at work can make it difficult to finish your return. No worries. Give yourself a little more time for this important financial task.
4. You need more time to make contributions or change a retirement plan.If you are considering funding a retirement plan or starting a new one for the 2017 tax year, you may want to file an extension so you have more time to complete that task. Contributions to an IRA are tax-deductible, which you can claim on your 2017 return to reduce your taxable income. Just remember, you must make that decision by the April 17 filing deadline.
5. You want to make elections on your return, but you won’t know which election is best until later.If you have losses that you can carry back to prior years, you may not know until later in the current year if that’s a good idea or if you should use the losses on a future tax return.
Mike McVay, Tax Accountant will file all client tax extensions at no charge. Call Mike McVay today to get the process started.
5336 N Blue Angel Pkwy Pensacola, FL 32526 * 850-725-5696
Mike@MikeMcVay.com * www.PensacolaFLTax.com