So, you filed a tax extension. You weren’t quite ready to hit “submit” by the original deadline, and now you’ve bought yourself some extra time. First of all—take a deep breath. Life gets hectic, and filing an extension was a smart move if it helped reduce stress or avoid costly filing mistakes.
But now that the pressure of Tax Day has passed, what should you do with the extra time? And are there any downsides you should be aware of? Let’s explore the pros and cons of filing a tax extension now that you’ve taken that step.
The Upsides of Filing an Extension (That You Can Still Take Advantage Of)
- Time to Get It Right
You now have until October 15 to file your federal tax return. Use this time wisely—gather missing documents, organize your paperwork, and make sure your return is accurate and complete. - Fewer Errors, Fewer Headaches
Extensions help you avoid the stress of rushing. That means you’re less likely to make mistakes that could trigger an audit, delay your refund, or lead to costly amendments down the road. - More Time to Maximize Deductions
With more breathing room, you can take a deeper dive into your finances. Are there any deductions or credits you missed? Don’t leave money on the table—this is your chance to make sure everything is in order. - Peace of Mind
You’ve already taken the proactive step to avoid the failure-to-file penalty. That’s a win! Now you can move forward more confidently, knowing you have a plan in place.
But There Are Some Pitfalls to Watch Out For
- The Clock Is Still Ticking
That extra time can fly by. Don’t wait until the last minute (again). Start now, so you’re not scrambling come October. Set a reminder and start chipping away at what needs to be done. - An Extension to File Is Not an Extension to Pay
If you owed taxes back in April but didn’t pay at that time, interest and penalties may still be adding up. If you haven’t already made a payment, consider doing so ASAP to reduce additional charges. - Delayed Refund
If you’re due a refund, waiting to file also means waiting to get your money back. If that refund was part of your financial plan, don’t leave it sitting with the IRS longer than necessary. - Easy to Forget
Once the urgency of tax season fades, it’s easy to push your return to the bottom of the to-do list. But missing the October deadline can lead to the very penalties you were trying to avoid in the first place.
What’s Next?
Filing an extension was a smart step if you weren’t ready. Now it’s time to follow through. At Lightening the Load, we help individuals and small business owners stay on track with their post-extension planning. Whether you need help organizing your documents, calculating any payments owed, or just getting it DONE—we’re here to help you every step of the way.
Let’s make the most of this extra time and file with confidence.
Let us help you lighten the load—before October sneaks up on you.
Need help now that you’ve filed an extension? [Contact us today] or check out our free resources to get started.
