Should I File an Extension for My 1120 Corporation Taxes?

Описание: Torchlight Tax and Financial Solutions
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Should I File an Extension for My 1120 Corporation Taxes??

If you’re feeling the pressure of the April 15, 1120 Corporate tax deadline, filing an extension is a smart strategy.
If you missed a filing deadline, but already got an extension, you then have an extra six months to file. For most, this is 15 September. By doing this, you avoided the late filing penalty.
If you did not file and missed the deadline, there is no extension unless you are in a federally declared disaster area. Also, corporations with different fiscal years have different filing deadlines. 15 April is the deadline for calendar year C Corporations.
This is Dave Horwedel, CEO of Torchlight Tax. If you need help sorting out your corporate or personal tax situation, contact us for a free consultation at 877 758 7797 or email [email protected]. You are also welcome to learn more at the Torchlight Tax website and YouTube channel, where I have over 120 videos, 50,000 subscribers, and nearly 2 million views.
Now, if you are an S Corporation, your deadline is 15 March.
The single-member LLC deadline, if you did not elect corporate status, is 15 April. The single-member LLC is also called a disregarded entity.
You should also be aware that LLCs can back-elect to be treated as a corporation, and this can have tax advantages.
Now, the rest of this video discusses the advantages of an extension. If you have already missed the extension, you can contact us at Torchlight Tax, and we will file your return ASAP to minimize the monthly 5% late filing penalty.
The main disadvantage of an extension is that your NECESSITY LEVEL may drop if you get a six-month extension. Then, six months later, you are in the same situation, except now you cannot file for an extension!
There are a lot of advantages to having your bookkeeping, accounting, and corporate tax returns all done and filed on time. Indeed, I would recommend that as an ideal scenario, you compute your profit and loss on a monthly or even weekly basis. This allows you to easily see when your profit is doing well or badly and take quick action to reinforce successful profit-making actions or to correct things that are driving profit down.
But, what if you are part of the 90% who have not achieved this ideal scene?
Well, if you are approaching 15 April and rushing to get it done, you should get an extension.
We will help you file an extension for a nominal fee if you intend to do your taxes with us. Just contact us at 877-758-7797 or email [email protected]
THE COST OF RUSHING
Every year, millions of Americans scramble to file by the deadline. This can result in:
● EXCESSIVE STRESS—This is self-explanatory.
● FILING A RETURN WITH MISSING TAX FORMS--Sometimes, taxpayers file taxes, not realizing that they are missing a tax form. This can result in an IRS Examination Letter (and who needs that!) or the need to amend a tax return,
● MISSING DEDUCTIONS AND CREDITS-. Also, rushing to meet the deadline can result in missed deductions and credits that result in overpaying taxes.
● OTHER MISTAKES THAT INCREASE AUDIT RISK- This rush can also result in other mistakes that increase audit risk.

Filing a tax extension can be a winning strategy. Consider this:
1. An Extension Buys You Time to Do It Right
Filing an extension gives individual taxpayers an extra six months (until October 15) to finalize their C Corporation tax return. This added time allows you to:
● Gather missing documents.
● Organize your finances.
● Catch overlooked deductions and credits
● Review your return more carefully.
The IRS doesn’t penalize you for filing your return late if you file a proper extension. The penalty only applies to unpaid taxes, so estimating and paying what you owe by April 15 helps you avoid additional charges.

2. Rushing Increases Your Risk of Audit and Overpaying Taxes.
When you’re rushing to beat the clock, it’s easy to overlook tax-saving opportunities. Also, any time your reports conflict with reports the IRS has received, your audit risk increases. This can result in a computer spotting a discrepancy and generating an examination, aka audit letter. That’s right. A computer sends you an audit letter because you did not report income that was reported to the IRS. That adds insult to injury. It is bad enough to risk having an IRS employee catch you on something. Maybe they will miss it. But a soulless computer sending you an examination letter. That’s not fair!
An extension gives you time to:
● Review expenses more thoroughly
● Clean up your bookkeeping.
● Receive delayed tax forms like K-1s.
● Ensure accuracy on complex returns

CONTACT TORCHLIGHT TAX FOR A FREE CONSULTATION OR AN EXTENSION AT 1 877 758 7797 OR EMAIL INFO@TORCHLIGHT TAX.COM.