mark kanakarisOct 6, 2026
Tax Extension Myths Debunked 📊
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Tax Extension Myths Debunked 📊
mark kanakaris
Mark Canaris debunks common myths about filing tax extensions on Tax Tip Tuesday, clarifying that extensions give more time to file paperwork but do not waive penalties and interest or increase audit risks.
Tax Extension Myths Debunked 📊
mark kanakaris
Mark Canaris debunks common myths about filing tax extensions on Tax Tip Tuesday, clarifying that extensions give more time to file paperwork but do not waive penalties and interest or increase audit risks.
Chapters
00:00
Introduction
Welcome to Tax Tip Tuesday and introduction to tax filing extensions.
00:12
Myth: Penalties and Interest
00:41
Myth: Audit Risk
01:13
Conclusion
Transcript
00:01
Hey, everybody.
00:01
Welcome back to Tax Tip Tuesday.
00:03
I'm your host, Mark Canaris, your favorite bean counter.
00:07
Let's jump into the misconceptions of filing extensions.
00:12
Myth number one, filing exemption means penalties and interest did not apply.
00:16
Who the heck ever said that?
00:18
Maybe it sounds good in most people's minds.
00:20
They think they're doing it saying, well, if I don't have the money to pay you, I'm, buying myself six months.
00:25
No, that's not the way it works.
00:27
The only thing as you can see is it waives the failure to file penalty, but not the failure to pay.
00:36
So you're going to owe interest if you owe them money.
00:41
Second thing is, requesting an extension increases your chance of an audit.
00:46
Whoever said that?
00:47
I've never heard anybody go, I filed an extension, got audited.
00:50
I've been doing this a long time.
00:51
If that was the case, I'd have figured that out by now.
00:55
The whole purpose of having an extension is saying, hey, I don't have all my paperwork together.
01:00
Maybe you're expecting an interest form or dividends or investment form or a K1 that's not done, but you think you have basically paid them.
01:09
That's the real purpose of the extension.
01:13
Anyway, let me just wrap that up for Tax Tip Tuesday.
01:15
If you have any questions, you guys can just reach out to me here at the office, send us an email and you can put.
01:21
By the way, I see it says info, but Bark Bar K at Cherokee Task Group.
01:25
Just the same, have a great day.
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