Are you worried about filing your tax return on time or paying your tax bill?
In this episode, Mike Jesowshek discusses tax extensions and strategies for paying tax bills, addressing common misconceptions and providing practical advice. He clarifies that filing an extension does not increase audit risk and emphasizes the importance of timely filing and payment. Mike outlines options for those who can and cannot afford their tax bills, including installment agreements and offers in compromise. Throughout the discussion, he stresses the significance of proactive tax planning to avoid financial strain in the future.
[00:00 - 05:21] Understanding Tax Extensions and Their Importance
[00:05:33 - 00:18:12] Strategies for Paying Tax Bills
Direct Quotes:
"Filing an extension is simply an extended time to file your tax return. The taxes are still due on that original due date." - Mike Jesowshek
"Extensions extend time to file, not time to pay." - Mike Jesowshek
Resources Mentioned:
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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast
Join TaxElm: https://taxelm.com/
IncSight Packages (Full-Service): https://incsight.net/pricing/
Book an Initial Consultation (IncSight): https://app.simplymeet.me/o/incsight/sale
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Podcast Website: https://www.TaxSavingsPodcast.com
Facebook Group: https://www.facebook.com/groups/taxsavings/
YouTube: https://www.youtube.com/@TaxSavings
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