American women in the workforce tend to take their time about the topic of upcoming tax payments. Despite the controversial debate over whether or not filing for tax extensions is a good idea, the IRS surely receives its fair share of extra revenues, mostly from consumer taxes that become overdue.
Tax filing extensions for females captures particular interest because of their particularly high representation in United States employment records.
Yet, while some of the tax burden for ladies becomes offset by earned income credit allowances , the cushion between this reduction and the penalty imposed during late filing tax extensions can easily erase that small benefit.
Common Problem with Tax Extension Filing Time
One of the reasons why tax extensions can unknowingly lead to further complications actually has little to do with gender. That is, countless working men or women alike make the mistaken assumption that filing for tax extensions provides more time to pay off the tax debt.
However, this is not truly the case, as the amount of taxes due still has the same payment date as they do before the extension becomes valid. In other words, tax extension is more about TIME to properly adjust the “paperwork” than it is about “delaying” the actual payment.
How to Curtail Tax Filing Extension Errors
With the combined burdens of family, career, and financial responsibility, it may simply be easier for a woman to misjudge the confines or ramifications of tax filing extensions.
Yet, finally, when added interest and tax filing penalties reach their peak, men and women alike can abruptly discover that their tax filing obligations have grown slightly out of hand.
Best Way to Handle Extended Tax Filing
The bottom line for tax extension filing is this. Even though the process can be a relatively easy one, much potential confusion or trouble can become reduced with the mere preparing of your tax return and paying of taxes in a timely manner.
However, should you decide that a tax filing extension will work for you, be sure to understand the need to make accompanying payments along with the initiating application forms.
If you decide to go pro in filing your taxes, this guide can come handy:J.K. Lasser's Your Income Tax 2014›