Understanding Tax Extensions

What are some reasons you might consider filing for a tax extension?

• To get a refund faster

• If you're waiting for a late tax form

• To avoid paying taxes altogether

• To reduce your tax liability

Which form is used to apply for a tax extension?

• Form 1040

• Form W-2

• Form 4868

• Form 1099

What is a crucial point to remember when filing for a tax extension?

• You don't need to estimate your tax liability

• You must pay any owed taxes by the original deadline

• You get more time to pay your taxes

• You can ignore tax penalties

What should you do if you don't receive confirmation after submitting Form 4868?

• Submit another form

• Ignore it and assume it's processed

• Follow up with the IRS to ensure it's on track

• Wait until the next tax season

Why might consulting a tax professional be beneficial during the extension period?

• To avoid filing taxes altogether

• To extend the deadline further

• To navigate complex tax laws and maximize deductions

• To get a larger refund