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Tax Filing Extension

Definition

An approved extension that gives you extra time to file your tax return, though any taxes owed are still due by the original deadline.

What to consider

  • Keep an eye on your tax bill throughout the year to avoid surprises.
  • Use deductions and credits strategically to lower liability.
  • Review your withholdings to ensure they’re on target.

Real world scenarios

  • Victor requests an extension when he’s still waiting for a corrected 1099, preventing rushed errors on his return.
  • With complex investments, Leah uses the extension to finalize her taxes properly, confident she won’t face late-filing penalties if she meets the new deadline.
  • After an unexpected relocation, Chris needs extra time to gather receipts. The extension ensures he files a thorough, accurate return.

Related terms

Tax Filing
Tax Shelter
Capital Gains Tax
Income Tax
W-2

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