The Pros and Cons to filing a tax extension

Pros of Filing a Tax Extension on Your Business

• Gives you more time to gather your records and prepare your return

• Avoids penalties for filing late

• Allows you to make estimated tax payments to avoid interest charges

Cons of Filing a Tax Extension on Your Business

• You still need to pay any taxes you owe by the original due date

• You may have to pay interest on any taxes you owe that are not paid by the original due date

• Filing an extension does not give you more time to pay your taxes

• You may be more likely to make mistakes on your return if you file an extension

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