#570 Should I Be Afraid to File a Tax Extension (Listen before April 15)

In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen show how a tax extension can reduce stress, cut audit risk, and buy you time for smart tax moves. Get the facts on key deadlines, solo 401(k)s, and what to do now if you’re behind.Here are some of the highlights:Mark emphasizes that filing an extension gives time to prepare better, including looking for additional write-offs.Mat clarifies that the IRS is unlikely to shut down and that savvy individuals are extending their tax returns.How rushing tax returns often leads to missed deductions, which can be avoided by extending the deadline.Mark and Mat discuss the six-month extension available for personal returns, extending the deadline to October 15.Mat mentions the need to file an extension for business returns if they haven't been done by March 15.Filing an extension incurs no penalty and is a simple one-page form.The penalty for failure to pay, which is a half-percent per month, and the larger penalty for failure to file.How filing an extension can reduce the chances of an audit, as the IRS assigns audits based on the order of returns received.Don't know how much you should pay when filing a tax extension? Find the answer here - https://markjkohler.com/how-much-should-i-send-in-with-my-extension/Ready to Take the Next Step?Work With Mat & Mark’s Law FirmGet strategic legal guidance for your business, taxes, asset protection, and estate planning with KKOS Lawyers.[Book a Call with KKOS Lawyers]Take Control of Your RetirementWant to invest your IRA or 401(k) in assets you actually understand? Check out our self-directed trust company Directed IRA.[Learn More About Directed IRA]Free ResourcesMat Sorensen’s Optimal Order of Investing GuideLearn how to prioritize where your money should go and build a smarter investing strategy.[Download the Free Guide]Mark J. Kohler’s 30-Point Tax GuideDiscover practical tax strategies and planning opportunities every business owner and investor should know.[Download the Free Guide]Get More From Mat & MarkWatch on YouTubeTax strategies, business planning, investing, asset protection, and more.[Visit the YouTube Channel...