A recent article published by Business News Daily focuses on filing for tax extensions, Gunster tax law attorney Daniel Glassman was asked to weigh in on the matter. Glassman provides insight and helps clarify the logistics of filing a tax extension. Glassman states, “A tax extension is not meant as an opportunity to delay tax payment to the government, but rather as a way to give people more time to get their paperwork in order.”
According to the article, despite what some may think, filing a tax extension does not grant you extra time to pay your dues. Glassman explains a tax extension will grant an individual extra time to file the tax return but is still required to pay the estimated tax payment by April 15. Glassman also explains that in order to file for an extension, it is key to file the extension by the April 15 deadline. Once an individual has filed for an extension, depending on if it is for an individual, corporation, or business, the deadline to file the paperwork is extended to a later date.
Daniel Glassman advises clients in all areas of personal and business tax planning. He works with individuals and businesses to create the most tax efficient structure for his clients in order to achieve the desired outcome. He also helps clients understand the tax ramifications of complex transactions and available options to minimize or defer the payment of taxes.
Read the full article: Think a tax extension gives you more time to pay? Think again