URGENT: NEED MORE TIME TO FILE YOUR TAXES?
Online Business Owners: The 2023 Tax deadline is April 18, 2023.
What is required to file an extension?
A tax extension is an extension of time to FILE your return, it is NOT an extension of time to PAY your taxes due.
In this episode, I am going to explain what it means to file a tax extension, how to file, and what you can do to be prepared for next year.
With every episode of Linda Tuttle Adventuring Accountant TV, I like to equip you with a free resource that goes with the episode for the week.
Since in this episode we're talking about filing an extension and how you can be prepared to file your taxes on time next year, I want you to know what tax deductions you should be looking for and keeping track of in your business. As a business owner, you should know what these deductions are. So, I want to give you my 9 Fool Proof Ways for Online Business Owners to Be More Profitable Guide.
After going through this guide, you will have a better idea of what tax deductions are available to you as a business owner and how keeping track of these expenses can help you increase your profit.
You can download the FREE resource by clicking the orange button above.
URGENT: NEED MORE TIME TO FILE YOUR TAXES?
The Tax Deadline can sneak up on you. If it is April 13th and you are not ready to file your tax return, what are your options?
You can file a tax extension in one of three ways:
If you are not prepared to file your tax return, it is better to file an extension than do nothing, even if you are not sure you have a balance due. If you know you don't have a balance due, it is not as critical to file an extension as there will not be penalties and interest, but it is never going to hurt you to file an extension if you are not sure.
Filing an extension gives you a six month extension of time to FILE your tax return, but it does not give you an extension of time to PAY your tax return.
An extension will help you avoid late filing penalties, but if you have a balance due and do not make an estimated tax payment with your extension, you will continue to incur penalties and interest on any balance due.
Taxes are not a fun part of doing business, but they are an important part of running your business.
Filing an extension is not going to make the nuisance of filing and paying your taxes go away. It is only going to hang over your head for another 6 months.
If you want to get your business finances organized, know your net income from your business, and be prepared for tax time next year, let's do it.
Resources Mentioned
Accounting Workshop for Online Business Owners - Learn More Here
In Closing...
Hopefully this helped you learn more about filing an extension.
Don't forget to grab the 9 Foolproof Ways for Online Business Owners to Be More Profitable so you can be prepared for tax time next year.
You can download this FREE resource by clicking the yellow button below 
