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Main Street Business

#423 The Big Deadline - Should you Extend?

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4584 Ratings

🗓️ 11 April 2023

⏱️ 29 minutes

🧾️ Download transcript

Summary

Folks, let me tell you - filing for an extension is not something to fear. In fact, it can be one of the smartest moves you make when it comes to your taxes. Let's dive into the benefits of filing for an extension, and why it's important to submit an estimated payment along with it. First and foremost, filing for an extension can help you avoid late filing penalties. If you miss the April deadline, the IRS will slap you with a 5% penalty for each month that your return is late. Ouch! But by f...

Transcript

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0:00.0

The tax return deadline, April 18th is upon us, so we want to go over some of the strategies

0:04.0

for you procrastinators that are not ready.

0:06.5

I would say for those that are strategic and filing an extension, who wants to go in and get

0:10.8

a five-minute massage in the airport bent over some chair?

0:13.7

You want the 60-minute massage.

0:15.3

That's what a good tax return is about.

0:17.1

Deep pressure.

0:18.0

First, should you file an extension and why?

0:20.7

And then number two, how much should you send in with it? If you're in the rush for April 18th, your accountant is not taking the time to think about that, and neither are you. Getting your craft together is a.k.a. for, I'm going to kill it on my return. Welcome everyone to another episode of the Main Street Business Podcast. My name is Mark Kohler. I'm here with the illustrious Matt Sorensen, my co-partner and co-host. He's not just a guest. He's really a co-host. That was an inside joke there. But I'm apparently underdressed today. Mark's not only does he got a tie on, but a white shirt. You know, he's going for it when he does the white shirt and tie. Yeah, I mean, we're shooting some video. They just were like, can you really dress like an accountant or lawyer and not just a slob? I'm like, okay, I'll dress up today. Well, guys, this is the deadline. If you didn't know, the tax return deadline, April 18th is upon us. So we want to go over some of the strategies for you procrastinators that are not ready.

1:28.2

Whoa, whoa, whoa, whoa, whoa. Now see, right there, I would say for those that are strategic and filing an extension, I think the people that file before the April 18th are crazy. Literally, I will say that. Now, unless you have a day job, you've got a refund, and you have no side hustle,

1:28.6

true.

1:29.8

File, get your refund.

1:30.7

See you. But that's not our clients. Yeah. If you're sending something into the IRS that says, refund, sure, get in early. If it's, oh, let's maybe give yourself some time. But you got to know the steps to make sure you're not screwed up because you've got to let them know that you're going to extend.

1:46.0

Yeah.

1:46.4

Just kind of like ask for forgiveness later. Give yourself some time. But you got to know the steps to make sure you're not screwed up because you've got to let them know that you're going to extend.

1:46.1

Yeah.

1:46.2

You don't just get to like ask for forgiveness later. And I'm going to add a caveat. I don't know if it's if you're getting a refund. Do you have a side hustle? That to me is the trigger because if you. Or a business in general. Well, yeah, yeah, business or...

1:58.1

At least a side hustle.

1:58.8

If you have a business or at least a side hustle,

2:01.6

that means we've got something to work with.

2:03.8

That means you can massage... Well, yeah, yeah, business or, at least a side hustle, if you have a business or at least a side hustle,

2:01.5

that means we've got something to work with. That means you can massage your tax return.

...

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