Many tax deadlines were extended owing to Covid-19. However, the truth is that those extensions are now just around the corner. Doesn’t time fly when you’re having fun?
But seriously, even though the deadline is approaching, the good news is that you can file an extension. At Safe Harbor, we can help you with tax extensions for Bay Area businesses. We’re known as the number one “business tax preparation service” here in good ole’ San Francisco.
However, before you get too excited, while we can file an extension for you, that extension is in order to file your tax return. It is not an extension to the time you must pay. The IRS states as follows:
“An extension of time to file your return does not grant you any extension of time to pay your taxes.
You should estimate and pay any owed taxes by your regular deadline to help avoid possible penalties.
You must file your extension request no later than the regular due date of your return.”
Breathing Space for Tax Preparation
However, these tax extensions for Bay Area businesses do give you some breathing space if you have been putting off filing your return and it is going to take some time to calculate all the correct figures, and of course at Safe Harbor we can help you with all that: it’s what we do. There are a number of different forms involved, and we can decide upon and complete the correct one for you, depending upon your individual circumstances. This can give you up until October 15th to file the return.
Filing an extension for you will give us that extra time to go through your books and calculate the exact amount of tax that is due. We hate paying tax as much as you do, and our job is to see to it that you pay not one cent over the minimum amount that you should pay. That is the only result that is acceptable to us.
US tax laws are, after all, very complicated. They could almost have been designed by the IRS to make you throw your hands up in the air and just give up and pay whatever they ask. It is a fact that far too many people pay more tax than they should. According to the IRS themselves, in 2004 no less than 77% of the tax returns filed resulted in a refund check, with the average being $2,100. In 2011 the average refund was $2,913 (https://en.wikipedia.org/wiki/Tax_refund).
While it is nice to get a refund check, it is even nicer not to pay too much in the first place! So let us at Safe Harbor file an extension for you and then calculate your tax so that you don’t pay more than you should.