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NEW YORK (AP) - The last weeks of the tax filing season can be dicey for small business owners if they're just starting to get their returns together. Anyone who is just now booting up their tax prep software or pulling together papers to take to the accountant might want to think about getting an extension of the April filing deadline.
Getting an extension is quite easy; it's a matter of filing a short form with the IRS and, if you're going to owe taxes, estimating what your bill will be and paying it.
The great myth about extensions is that they are a flag to the IRS that make taxpayers vulnerable to being audited. Tax professionals say this myth has no basis in reality — an estimated 9 million taxpayers receive extensions each year, and the government doesn't have the resources to audit all those people.
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