#570 Should I Be Afraid to File a Tax Extension (Listen before April 15)

Main Street Business

In this episode of the Main Street Business Podcast, Mark J. Kohler and Mat Sorensen show how a tax extension can reduce stress, cut audit risk, and buy you time for smart tax moves. Get the facts on key deadlines, solo 401(k)s, and what to do now if you’re behind.

Here are some of the highlights:

• Mark emphasizes that filing an extension gives time to prepare better, including looking for additional write-offs.
• Mat clarifies that the IRS is unlikely to shut down and that savvy individuals are extending their tax returns.
• How rushing tax returns often leads to missed deductions, which can be avoided by extending the deadline.
• Mark and Mat discuss the six-month extension available for personal returns, extending the deadline to October 15.
• Mat mentions the need to file an extension for business returns if they haven't been done by March 15.
• Filing an extension incurs no penalty and is a simple one-page form.
• The penalty for failure to pay, which is a half-percent per month, and the larger penalty for failure to file.
• How filing an extension can reduce the chances of an audit, as the IRS assigns audits based on the order of returns received.

Don't know how much you should pay when filing a tax extension? Find the answer here - https://markjkohler.com/how-much-should-i-send-in-with-my-extension/

• Grab my FREE Ultimate Tax Strategy Guide HERE!
• Are you ready to get certified in EVERY strategy I teach? Start your journey with a FREE 15-minute demo to explore the Main Street Tax Pro Certification.
• You don't want to miss this! Secure your tickets for the most significant tax & legal event of the year: Tax and Legal 360
• Looking to connect with a rock star law firm? KKOS is only a click away!
• Check out our YOUTUBE Channel Here: https://www.youtube.com/markjkohler
• Craving more content? Check out my Instagram!

Chapters

1. Privacy vs Asset Protection (00:00:00)

2. The Trifecta Explained (00:11:11)

3. Four Reasons Every American Needs a Trust (00:16:38)

4. Five Types of LLCs and Their Benefits (00:35:05)

5. The Power of S-Corporations Revealed (00:58:35)

6. Building Your Trifecta Legacy (01:07:01)