Does it cost money to file a tax extension for my small business?
Filing a tax extension for your small business may or may not cost you money, depending on your specific situation.
In general, filing for a federal tax extension using IRS Form 4868 is free of charge. You can file this form online or by mail. However, it’s important to note that an extension only gives you more time to file your tax return, not more time to pay any taxes owed. If you owe taxes, you will still need to make an estimated payment by the original tax filing deadline to avoid interest and penalties.
- Tax Titans can advise you on the best option for you and your business.
Some states also offer tax extensions, but the rules and costs vary by state. You should check with your state’s tax agency to see if an extension is available and if there are any costs associated with it.
It’s always a good idea to consult with a tax professional or accountant to determine the best course of action for your specific business situation.
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