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From: George Dimov <george@dimovtax.com>
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 Content preview:  Hi! Today we will focus on some of the many advantages of
   filing for an extension. Please make sure to scroll to the end as the last
    one may be the most important for you! 1. More Time to File: The most obvious
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Hi!

Today we will focus on some of the many advantages of filing for
an extension. Please make sure to scroll to the end as the last
one may be the most important for you!

1. More Time to File: The most obvious benefit is that it grants
you additional time to file your tax return without incurring
late filing penalties. This can be particularly useful if you are
waiting on important tax documents, dealing with personal issues,
or need more time to organize your financial information.

2. Reduces Late Filing Penalties: If you owe taxes, filing an
extension can reduce late filing penalties. While it doesn't
extend the time to pay your taxes (you're still expected to
estimate and pay any owed taxes by the original due date), it
does prevent the typically higher penalties associated with late
filing.

3. Minimizes Errors: With more time to gather your documents and
review your tax return, you're less likely to make mistakes.
Rushing to meet the deadline can lead to errors or missed
deductions and credits, potentially costing you more in taxes or
triggering IRS notices.

4. More Time for Tax Planning: An extension gives you extra time
to make better-informed decisions regarding elections on your tax
return, contributing to retirement accounts (in some cases), and
implementing tax-saving strategies. Just a single tax planning
session per year tends to save the average taxpayer at the bare
minimum a few thousand in tax, so this alone makes this
worthwhile.

5. Avoids Amended Returns: If you file your return and then
receive additional information that would have changed your tax
outcome, you might have to file an amended return. By extending
the filing deadline, you may avoid the need to file an amended
return if you receive new information after the original due date
but before the extended deadline. Amended returns can take far
longer to process, delay your refund, or cause communication
issues with the IRS.

6. Less Competition for Professional Help: Tax professionals are
very busy up to the April deadline. By filing an extension, you
might find it easier to schedule a meeting with a tax
professional after the peak season, potentially leading to more
personalized service, more time for strategy, more options
available for tax optimization, etc.

7. Less Chance of an IRS Audit: The IRS starts selecting returns
for audit early in the season, and by late-season, their quota is
normally full. Due to the statute of limitations, they begin to
focus only on the most egregious returns, so filing on extension
can drastically decrease your chances of audit.

It's important to remember that an extension simply extends the
time to file, not the time to pay. With this being said, if you
know you will owe, you should absolutely pay any estimates along
with an extension. The only time that an extension can cause an
issue is missing your estimates. (
https://click.convertkit-mail.com/gku7zrl4d4t5hln6de7hrh8gmp999cm/z2hgh7ue4=
p9q5pup/aHR0cHM6Ly9kaW1vdnRheC5jb20vZXh0ZW5zaW9ucy8=3D
)=E2=80=8B

Please let us know if you need help computing your estimates or
filing your extension. For questions on this or any other
accounting & tax assistance, simply hit =E2=80=9Creply.=E2=80=9D

--

George Dimov CPA

www.dimovtax.com

(833) 829-1120 toll free

Share on social media
---------------------

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uto"><tbody><tr><td>
<p class=3D"" style=3D"margin-bottom:1.2em;line-height:1.5em;font-size:16px=
">Hi!</p>
<p class=3D"" style=3D"margin-bottom:1.2em;line-height:1.5em;font-size:16px=
">Today we will focus on some of the many advantages of filing for an exten=
sion. Please make sure to scroll to the end as the last one may be the most=
 important for you!</p>
<p class=3D"" style=3D"margin-bottom:1.2em;line-height:1.5em;font-size:16px=
">1. <strong>More Time to File</strong>: The most obvious benefit is that i=
t grants you additional time to file your tax return without incurring late=
 filing penalties. This can be particularly useful if you are waiting on im=
portant tax documents, dealing with personal issues, or need more time to o=
rganize your financial information.</p>
<p class=3D"" style=3D"margin-bottom:1.2em;line-height:1.5em;font-size:16px=
">2. <strong>Reduces Late Filing Penalties</strong>: If you owe taxes, fili=
ng an extension can reduce late filing penalties. While it doesn't extend t=
he time to pay your taxes (you're still expected to estimate and pay any ow=
ed taxes by the original due date), it does prevent the typically higher pe=
nalties associated with late filing.</p>
<p class=3D"" style=3D"margin-bottom:1.2em;line-height:1.5em;font-size:16px=
">3. <strong>Minimizes Errors</strong>: With more time to gather your docum=
ents and review your tax return, you're less likely to make mistakes. Rushi=
ng to meet the deadline can lead to errors or missed deductions and credits=
, potentially costing you more in taxes or triggering IRS notices.</p>
<p class=3D"" style=3D"margin-bottom:1.2em;line-height:1.5em;font-size:16px=
">4. <strong>More Time for Tax Planning</strong>: An extension gives you ex=
tra time to make better-informed decisions regarding elections on your tax =
return, contributing to retirement accounts (in some cases), and implementi=
ng tax-saving strategies. Just a single tax planning session per year tends=
 to save the average taxpayer at the bare minimum a few thousand in tax, so=
 this alone makes this worthwhile.</p>
<p class=3D"" style=3D"margin-bottom:1.2em;line-height:1.5em;font-size:16px=
">5. <strong>Avoids Amended Returns</strong>: If you file your return and t=
hen receive additional information that would have changed your tax outcome=
, you might have to file an amended return. By extending the filing deadlin=
e, you may avoid the need to file an amended return if you receive new info=
rmation after the original due date but before the extended deadline. Amend=
ed returns can take far longer to process, delay your refund, or cause comm=
unication issues with the IRS.</p>
<p class=3D"" style=3D"margin-bottom:1.2em;line-height:1.5em;font-size:16px=
">6. <strong>Less Competition for Professional Help</strong>: Tax professio=
nals are very busy up to the April deadline. By filing an extension, you mi=
ght find it easier to schedule a meeting with a tax professional after the =
peak season, potentially leading to more personalized service, more time fo=
r strategy, more options available for tax optimization, etc.</p>
<p class=3D"" style=3D"margin-bottom:1.2em;line-height:1.5em;font-size:16px=
">7. <strong>Less Chance of an IRS Audit:</strong> The IRS starts selecting=
 returns for audit early in the season, and by late-season, their quota is =
normally full. Due to the statute of limitations, they begin to focus only =
on the most egregious returns, so filing on extension can drastically decre=
ase your chances of audit.</p>
<p class=3D"" style=3D"margin-bottom:1.2em;line-height:1.5em;font-size:16px=
">It's important to remember that an extension simply extends the time to f=
ile, not the time to pay. With this being said, if you know you will owe, y=
ou should absolutely pay any estimates along with an extension. <a href=3D"=
https://click.convertkit-mail.com/gku7zrl4d4t5hln6de7hrh8gmp999cm/z2hgh7ue4=
p9q5pup/aHR0cHM6Ly9kaW1vdnRheC5jb20vZXh0ZW5zaW9ucy8=3D" target=3D"_blank" c=
lass=3D"ck-link" rel=3D"noopener noreferrer" style=3D"text-decoration:none;=
color:#0875c1" url-id=3D"1731218434">The only time that an extension can ca=
use an issue is missing your estimates.</a>=E2=80=8B</p>
<p class=3D"" style=3D"margin-bottom:1.2em;line-height:1.5em;font-size:16px=
">Please let us know if you need help computing your estimates or filing yo=
ur extension. For questions on this or any other accounting &amp; tax assis=
tance, simply hit =E2=80=9Creply.=E2=80=9D</p>
<p class=3D"" style=3D"margin-bottom:1.2em;line-height:1.5em;font-size:16px=
">--</p>
<p class=3D"" style=3D"margin-bottom:1.2em;line-height:1.5em;font-size:16px=
">George Dimov CPA</p>
<p class=3D"" style=3D"margin-bottom:1.2em;line-height:1.5em;font-size:16px=
">www.dimovtax.com</p>
<p class=3D"" style=3D"margin-bottom:1.2em;line-height:1.5em;font-size:16px=
">(833) 829-1120 toll free</p>
</td></tr></tbody></table>

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