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Filing a Tax Extension - What Traders Should Know

Published: March 11, 2019
Tagged: trader taxes, 2018 Taxes

Dates in this article are based on the 2018 tax year.

Time is running out. The April 15 tax deadline is approaching, are you running out of time? Consider the benefits of filing a tax extension. An extension grants six additional months from the IRS to finish and file your tax return. The great news: the IRS automatically grants this extension if you file your request on time.

For personal tax returns (Form 1040) you must file your extension by April 15, 2019 for the 2018 tax year. If you need an extension for a partnership (Form 1065) or S-corp (Form 1120S), that needs to be filed by March 15, 2019.

Before we highlight more benefits of an extension, there are some important things traders should know:

There are many benefits to filing an extension:

As always, we suggest you consult with your tax adviser regarding your situation. But as the clock ticks down to April 15 (or March 15 for some returns), you may find it best to focus on filing an extension now and take advantage of the extended time to do your taxes right.

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Please note: This information is provided only as a general guide and is not to be taken as official IRS instructions. Cogenta Computing, Inc. does not make investment recommendations nor provide financial, tax or legal advice. You are solely responsible for your investment and tax reporting decisions. Please consult your tax advisor or accountant to discuss your specific situation.