Filing an extension comes with its own fees, but it’s better to file it if you won’t meet the deadline. Failure to pay even if you’ve filed an extension will result in accrued interest due and penalties. You will still have to make your regular tax payments of what you believe you owe. This will give you an extra six months to file your tax forms, but it doesn’t grant you more time to PAY your taxes. If your books are a catastrophe and you won’t finish cleaning them up in time for tax day, you can file for an extension. Step 4: File for an extension (optional). Everything should balance at the end of the report. Import your bank and credit card statements. A bit like taking a walk down memory lane, your accounts can take you day by day of your business year – through all of the mistakes and successes.
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