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Tax filing extension - the ugly?

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  • Tax filing extension - the ugly?

    Does it look bad to file an extension with the IRS?
    Does it trigger a query or audit?
    Does it affect credit score?

    (I anticipate a refund so hopefully no penalty fees).

  • #2
    No x3.

    Many people file extensions for many reasons, many of which are out of their hands. You still have to estimate your total tax liability and pay (or not if you've overpaid throughout the year).

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    • #3
      one of the ugly of filing an extension means you have not filed for that tax year leaving you that many more months subject to a fraudulent return filed on your behalf. One way to reduce IRS fraud is to file your return as soon as you can (though this is not always easy if you are waiting for tax forms, etc).

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      • #4
        no, theres a reason it exists

        however if you anticipate a refund what have you been doing?

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        • #5
          No. We tend to assume the IRS singles us out and pulls us up immediately on a computer screen to figure out if this extension has some deeper meaning. Not so. Your tax filing is simply a grain of sand in a big sandbox.
          Our passion is protecting clients and others from predatory advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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