Key TakeawaysFiling an Extension Does Not Exempt You from Payment: Even if you file for an extension, you must pay any owed taxes by the original deadline to avoid penalties.Extensions Only Extend Filing Deadlines: An extension allows more time to file your tax return, but your payment deadline remains unchanged.Filing for an Extension is Simple: Completing Form 7004 for businesses or Form 4868 for individuals is straightforward and typically approved without the need for a specific reason.Audit... #StartupBusiness #Business #Extensions #Income #mythinvolvingtaxextensions #Myths #returns #surprising #tax #taxextensionmyths
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