In many cases, the filing of your corporate tax return in Yonkers, NY gets so complicated and so confusing, you don’t get it done by the deadline. In these cases, it is possible to file for a tax extension. Getting a six-month extension isn’t that hard to do and it does give you some advantages when it comes to filing your taxes. Of course, as with anything else in the world, there are disadvantages to filing for a tax extension as well. With that in mind, read on below for a few of the pros and cons of getting a tax extension for your corporate tax return.
Pro: It’s Free and Easy
One of the best advantages of getting an extension on filing your corporate tax return in Yonkers, NY area is that it’s completely free to apply for and easy to do. Complete a single form known as the IRS form 4868 and you are on your way. There is no fee and you will automatically have until Oct. 15 to get your taxes done.
Con: A Longer Wait for Your Refund
This, of course, doesn’t apply to everyone, but if you are expecting a refund it’s going to take longer for you to receive it. So even though you get your extension, you are going to have to wait longer for that tax refund check.
These are just a few of the pros and cons of getting an extension on filing your corporate tax return in Yonkers, NY. Do your research, way the pros and cons carefully, and then make the right decision for you and your business based on what you learn. For more information and to get answers to any questions you might have, contact the professionals at Accutax Business Center for help.