Tax Filing Extension

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goldstone
Posts: 39
Joined: Wed May 29, 2019 11:27 am

Tax Filing Extension

Post by goldstone »

Other than having to pay interest on any unpaid tax owing, are there any downsides or problems with filing a 4868 and taking the 6 months extension period for filing a 1040 ?
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nelsona
Posts: 18676
Joined: Wed Oct 27, 2004 2:33 pm
Location: Nowhere, man

Re: Tax Filing Extension

Post by nelsona »

there are downsides for NOT filing the extension if you owe taxes, including penalties. Also, some forms are required to be filed "timely", which is only true after April if you DO file the extension.
After 20 years, I am severely cutting back on responses. Do not ask specifically for my help. There are a few others on this board that can answer most questions. All the best
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