July 7, 2015 Fact of the Day: Do business owners file for income tax extensions?
DID YOU KNOW THAT.....only 20 percent of wealthy investors have ever filed for an extension for their income taxes? This number increases, however, to 43 percent for those with more than $5 million of net worth.
Why do they file for an extension? The most common reason is that 54 percent were waiting for a K-1 from a partnership or other investment. This increased to 75 percent for the wealthiest households. Other reasons for requesting an extension?
Seventeen percent indicated they own a small business and it takes longer to do the paperwork. Five percent are part of a partnership with a non-calendar year end.
Only 17 percent indicate they are not organized enough to file on time. This percentage, however, decreases to only 7 percent for the wealthiest households.
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