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Reasons to File a Tax Extension

June 4, 2023
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Business taxes can be intimidating, and depending on what is happening in your life when tax deadlines roll around, you may not be able to file in time. While a San Antonio CPA can help, there may still be reasons why you need to file a tax extension. Fortunately, it’s possible to get a tax extension for up to six months to give you the time you need to properly file your taxes.

There are many reasons for filing for an extension, ranging from personal or business issues to acts of nature beyond your control.  Especially in the early days of your business, you may need an extension to get all of your documentation in order. You may be missing forms or need to gather receipts for deductions and put together expense reports relating to employees. If you can’t get it all done in time, you can file for an extension.

Sometimes there are other things going on in life that aren’t convenient to getting all of your tax paperwork done in time. From illnesses, to deaths, to divorce or even marriage, there are personal events that can make it difficult to file on time, so go ahead and file for an extension.

In some cases, your business may be going through some sort of transition or large transaction. You could be transitioning your business to an LLC or changing from an S to C corporation. You could be selling your business or buying out a partner or dealing with any other major transaction. The extension gives you the time to finish the transaction.

All of these are valid reasons, because if you rush, you may end up needing to file an amended return, which can take more time and cost you more money if you use a tax expert to help you file and need to pay for their services again.

If you find yourself in any of these situations, we can help you file for an extension and get your business taxes in order. To keep on top of your taxes and filing schedule an experienced San Antonio CPA like the ones at Gonzales Group can help you with all of your tax needs. Contact us today to start getting your taxes in order.

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This post was written by Gonzales Group CPA


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