Uploaded March 2024 | Updated September 2026, 1 week ago
Understanding tax extensions is crucial as the deadline approaches. This video clarifies a key point: while an extension gives extra time to file your taxes, it does not extend the deadline to pay any taxes due. If you owe the IRS, payment is still required by April 15 (for individuals). Typically, businesses such as S corporations and partnerships have until March 15th to file for an extension.
We'll explore the implications of filing an income tax extension, vital for both individuals and small business owners. Get the facts before you decide to extend your tax return deadline.
💡 NEW: Grab My Tax Preparation Checklist to Maximize Your Tax Savings!
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📘 Free Ebook 10 Tips to Simplify Your Taxes:
noellorenzanacpa.com/10-tips-to-simplify-your-taxes
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Hi, I'm Noel Lorenzana, a Registered CPA based in Illinois. I created this channel to help everyday people better understand money, protect their wealth, and prepare for whatever comes next through thoughtful discussions about gold and silver, wealth management, and tax strategy.
On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.
★CONNECT WITH ME ON SOCIAL MEDIA ★
Website: noellorenzanacpa.com
Facebook: web.facebook.com/noelblorenzana
LinkedIn: linkedin.com/in/noellorenzanacpa
🎥 RECOMMENDED VIDEOS 🎥
youtu.be/ojHmexeNiGw
youtu.be/RszTSm36qCE
youtu.be/zM8iqwlPH70
Thanks for watching my video on, Don't File an Income Tax Extension Until You Watch This First!
Disclaimer: The information presented in this video is for informational and educational purposes only and should not be considered accounting, tax, legal, financial, or investment advice. Watching this video does not create a client relationship. While I strive for accuracy, I cannot guarantee that all information is complete, current, or applicable to your specific situation. Always consult with a qualified professional before making financial, tax, or investment decisions.
Affiliate Disclosure: Some links in the description may be affiliate links, which means I may earn a commission if you purchase through them at no additional cost to you. I only recommend products and services that I have personally researched, use, or believe provide genuine value to my audience.
⏱️VIDEO CHAPTERS⏱️
00:00 - Filing an Income Tax Extension
01:16 - What is a Tax Filing Extension?
02:15 - Why Consider Filing an Extension?
02:36 - IRS Late Filing and Payment Penalty
03:48 - How to File an Extension for Personal Taxes?
04:12 - File Tax Extension: How Much to Pay?
05:22 - How to Avoid Regular April 15th Under Payment Penalties?
Replay Video Link: youtu.be/kYvNiDNejwg
#taxfiling #incometaxfiling #incometax
Understanding tax extensions is crucial as the deadline approaches. This video clarifies a key point: while an extension gives extra time to file your taxes, it does not extend the deadline to pay any taxes due. If you owe the IRS, payment is still required by April 15 (for individuals). Typically, businesses such as S corporations and partnerships have until March 15th to file for an extension.
We'll explore the implications of filing an income tax extension, vital for both individuals and small business owners. Get the facts before you decide to extend your tax return deadline.
💡 NEW: Grab My Tax Preparation Checklist to Maximize Your Tax Savings!
noellorenzanacpa.com/tax-prep-checklist
📘 Free Ebook 10 Tips to Simplify Your Taxes:
noellorenzanacpa.com/10-tips-to-simplify-your-taxes
☕ Buy Me a Coffee: Help support the channel!
buymeacoffee.com/NoelLorenzana
Hi, I'm Noel Lorenzana, a Registered CPA based in Illinois. I created this channel to help everyday people better understand money, protect their wealth, and prepare for whatever comes next through thoughtful discussions about gold and silver, wealth management, and tax strategy.
On, this channel, I simplify taxes for your business and offer tax tips for you! Let me know if there is anything you would like me to discuss. Feel free to connect with me on Social Media.
★CONNECT WITH ME ON SOCIAL MEDIA ★
Website: noellorenzanacpa.com
Facebook: web.facebook.com/noelblorenzana
LinkedIn: linkedin.com/in/noellorenzanacpa
🎥 RECOMMENDED VIDEOS 🎥
youtu.be/ojHmexeNiGw
youtu.be/RszTSm36qCE
youtu.be/zM8iqwlPH70
Thanks for watching my video on, Don't File an Income Tax Extension Until You Watch This First!
Disclaimer: The information presented in this video is for informational and educational purposes only and should not be considered accounting, tax, legal, financial, or investment advice. Watching this video does not create a client relationship. While I strive for accuracy, I cannot guarantee that all information is complete, current, or applicable to your specific situation. Always consult with a qualified professional before making financial, tax, or investment decisions.
Affiliate Disclosure: Some links in the description may be affiliate links, which means I may earn a commission if you purchase through them at no additional cost to you. I only recommend products and services that I have personally researched, use, or believe provide genuine value to my audience.
⏱️VIDEO CHAPTERS⏱️
00:00 - Filing an Income Tax Extension
01:16 - What is a Tax Filing Extension?
02:15 - Why Consider Filing an Extension?
02:36 - IRS Late Filing and Payment Penalty
03:48 - How to File an Extension for Personal Taxes?
04:12 - File Tax Extension: How Much to Pay?
05:22 - How to Avoid Regular April 15th Under Payment Penalties?
Replay Video Link: youtu.be/kYvNiDNejwg
#taxfiling #incometaxfiling #incometax
