profile

R.S.K. Tax & Consulting, LLC

Important Tax Extension Considerations for Real Estate and Business Clients

Published about 1 year ago • 1 min read

Strategic Tax Extensions: Ensuring Accuracy and Peace of Mind for Real Estate and Business Clients

With the individual tax filing deadline around the corner, it's essential to ensure all your documents are complete to avoid potential errors. Considering a tax extension might be prudent if you find yourself in a situation where your documents are not fully prepared.

Here are some insights and guidance regarding tax extensions and amendments:

​
​Q: What should I do if I don't have all my tax documents ready by the filing deadline?

  • If you are missing essential documents or unsure about the accuracy of the information you have, it might be best to file for an extension. This will give you additional time to gather all the necessary paperwork and ensure your tax return is complete and accurate.

​
​Q: Why is filing for an extension better than submitting an incomplete return?

  • Filing an incomplete return can lead to errors, discrepancies, or missed deductions, which may trigger audits or penalties. By filing for an extension, you can avoid these potential issues and submit a comprehensive and accurate tax return when you have gathered all the necessary information.

​

Q: What is the process for filing a tax extension, and how does it affect amending a return?

  • To file for an extension, you must typically submit Form 4868 to the IRS before the original filing deadline. An extension gives you an additional six months to file your tax return. However, it's essential to remember that an extension for filing does not extend the time to pay any taxes owed. If you need to make changes or corrections to your return after filing an extension, you may have to go through the amending process.

​

As always, we recommend consulting with a tax professional to determine the best course of action based on your circumstances. Your financial well-being is our priority, and we are here to assist you in navigating the complexities of the tax system.

Should you have any questions or require further guidance, please do not hesitate to reach out to us.

See you next week!

520 Whiteplains Road Suite 500, Tarrytowm, NY 10591
​Unsubscribe · Preferences​

R.S.K. Tax & Consulting, LLC

Read more from R.S.K. Tax & Consulting, LLC

Don't Miss the June 16, 2025 Deadline for Q2 Estimated Taxes! As we approach the middle of 2025, it's crucial for many individuals and businesses to remember a key tax deadline: June 16, 2025, for your Second Quarter Estimated Tax Payments. While the typical due date is June 15th, since June 15, 2025, falls on a Sunday, the deadline is extended to the next business day, Monday, June 16th. This payment covers income earned from April 1, 2025, through May 31, 2025. Who Needs to Pay Estimated...

4 days ago • 2 min read

Important Announcement: Federal Payments Go Paperless! Effective September 30, 2025, a new Executive Order mandates that all federal government payments will transition from paper checks to electronic disbursements. This significant change impacts individuals and businesses receiving payments from the U.S. Treasury, including Social Security benefits, tax refunds, and vendor payments. The move to electronic payments, driven by Executive Order 14247 “Modernizing Payments To and From America's...

11 days ago • 1 min read

The Mid-Year Tax Tune-Up for Business Owners: Plan Ahead, Prosper Always! As a savvy business owner, you know that success isn't just about sales and services – it's also about smart financial management, especially when it comes to taxes. With half the year behind us, now is the perfect time to conduct a mid-year tax review. This proactive approach can help you identify opportunities, avoid surprises, and set yourself up for a smoother tax season when it arrives. Here's a checklist to guide...

18 days ago • 2 min read