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R.S.K. Tax & Consulting, LLC

Important Tax Extension Considerations for Real Estate and Business Clients

Published 4 months ago • 1 min read

Strategic Tax Extensions: Ensuring Accuracy and Peace of Mind for Real Estate and Business Clients

With the individual tax filing deadline around the corner, it's essential to ensure all your documents are complete to avoid potential errors. Considering a tax extension might be prudent if you find yourself in a situation where your documents are not fully prepared.

Here are some insights and guidance regarding tax extensions and amendments:

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​Q: What should I do if I don't have all my tax documents ready by the filing deadline?

  • If you are missing essential documents or unsure about the accuracy of the information you have, it might be best to file for an extension. This will give you additional time to gather all the necessary paperwork and ensure your tax return is complete and accurate.

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​Q: Why is filing for an extension better than submitting an incomplete return?

  • Filing an incomplete return can lead to errors, discrepancies, or missed deductions, which may trigger audits or penalties. By filing for an extension, you can avoid these potential issues and submit a comprehensive and accurate tax return when you have gathered all the necessary information.

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Q: What is the process for filing a tax extension, and how does it affect amending a return?

  • To file for an extension, you must typically submit Form 4868 to the IRS before the original filing deadline. An extension gives you an additional six months to file your tax return. However, it's essential to remember that an extension for filing does not extend the time to pay any taxes owed. If you need to make changes or corrections to your return after filing an extension, you may have to go through the amending process.

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As always, we recommend consulting with a tax professional to determine the best course of action based on your circumstances. Your financial well-being is our priority, and we are here to assist you in navigating the complexities of the tax system.

Should you have any questions or require further guidance, please do not hesitate to reach out to us.

See you next week!

520 Whiteplains Road Suite 500, Tarrytowm, NY 10591
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