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You Filed A Tax Extension — Now What?

Tax Day has passed, and you decided to file an extension. The first thing to know is: you’re not alone. As Matt Metras, a tax specialist at MDM Financial Services told CNBC: “I’m filing more extensions than I ever have in my entire career this year.” But now that you’ve moved your tax filing deadline to October 17, what are the next steps to take?

#1 - Understand the key filing dates.

Although you filed an extension and have until October 17, 2022, there are other important dates you may want to be aware of based on what other credits you are filing. Review the Key 2022 Filing Dates to be aware of and communicate with your accountant if there are any dates you are targeting and why. 

#2 - Take advantage of the extra time. 

Do your best to tackle as much of the return as possible so the filing process is less painful in the fall. Create a Tax Return Checklist so you know what steps you still need to take — tackle them one at a time or send them over to your accountant, who can get an early start on the process.

#3 - Don’t miss out on savings. Tax season is the worst part of many founders’ years, but it doesn’t have to be. There are many opportunities to extend your runway via credits specifically built for startups, like the R&D Tax Credit — so, check your eligibility today.

#4 - Find every dollar you’re owed. Companies like Neo.Tax have made more and more startups aware of the Federal R&D Tax Credit, a bill specifically redesigned in 2015 to put more money in the coffers of innovative American small businesses. But did you know that 38 states offer their own state-specific R&D Tax Credit to startups? Find out if you’re eligible to file for a state tax credit; it can put thousands back into your startup.

#5 - Don’t procrastinate. You may have filed an extension just because Tax Season proved too busy; lucky for you, the extra time can prove lucrative for your startup. Sign into Neo.Tax and start preparing your Federal and State R&D Tax Credits. The process takes as little as 30 minutes and can save you hundreds of thousands of dollars. 

Tax Season has never been more complicated for startup founders. As Metras told CNBC: “Everything is taking two to three times longer than it should to get a return out the door.” But there aren’t many downsides to filing for an extension. The key is to make the extra six months work for your business. At Neo.Tax, we’ve made it easier than ever to get the most out of your taxes. Whatever the reason was for filing an extension, using our R&D Tax tool will make it the best decision you’ve made this year.

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