members and help them make the most of their refund, the release stated. The new tax experience aims to reduce the stress of tax preparation for Intuit’s over 100 million U.S. That's why Lalonde recommends that you still gather all necessary documents and prepare your return as soon as possible to avoid any last-minute errors or omissions.Finance firm Credit Karma is integrating with TurboTax to make filing tax returns easier and getting refunds faster, according to a Monday (Dec. 'If you do not file your return by the extended deadline, you will face penalties and interest charges.' 'You can only file for one extension, giving you six more months to file your tax return,' he says. If you're hoping to rely on back-to-back extensions and delay filing your return for as long as possible, Lalonde reminds taxpayers that's not how it works. 5: You can file for as many extensions as you want

The later you file, the more time the IRS has to do an audit. Plus, a taxpayer starts the statute of limitations for an audit running from the time you file. Other than that, she prefers they file on time. 'Audits are triggered by different issues and scenarios, but whether or not you file on time or request an extension is not one of the reasons,' she says.īarlin says she only tells clients to ask for an extension if they are waiting for additional documents. So while you might think that delaying filing your tax return will get you off the radar for the IRS to issue an audit, certified public accountant Wendy Barlin says that's not true. It's always a good idea to try to avoid getting audited. 4: If you file an extension, there's less of a chance of an audit That way, you can close out your taxes for 2022 and move on to other financial goals and priorities for the year ahead. So even if you do file for an extension, there's still a benefit to sending in your return as soon as it's ready. 'While an extension grants you the additional six months to file, you can finish up and file anytime within that six months (even the next day if you wanted),' he says. However, Rosen says this doesn't mean you have to wait until that date to file. When you ask for an extension, you have until October 17 to send in your return. 3: An extension means you have to wait until October to finish your taxes ' If you don't pay your taxes by the deadline, you may still face penalties and interest charges.' Myth No. 'An extension gives you more time to file your return,' he says. In addition to still having to pay your tax bill on time, certified financial planner Gabriel Lalonde says it's important to realize that extensions don't guarantee you that you won't face penalties or interest charges. 2: Filing for an extension guarantees you won't face penalties or interest charges However, you must still submit payment by April 18 to avoid penalties and interest on the amount owed. While filing for an extension can help you spend more time gathering relevant documents that might get you a bigger refund, according to the IRS, an extension gives you until October 17 to file your return. 'You still need to pay anything you owe by the deadline.' 'If you file an extension, you don't have an extension to pay,' he says. If you're considering filing for a tax extension because you want to avoid paying the IRS money in April, certified financial planner Andrew Rosen says that's not a smart reason at all.

1: You don't have to pay your taxes in April with an extension

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