What Is The Benefit Of Filing A Tax Extension

What is the benefit of filing a tax extension? Well, once you've done it for 30 or 40 years, you wouldn't even consider it. So it's a funny little question, but let's get to some answers. Why an extension is a smart tax strategy. Absolutely the number one thing. Second thing, how the wealthy keep more money by using extensions. And then the last thing I want to talk about is what risk you have by filing too early and just always praying for your little tax return, you know, beginning of January, so you can go out and spend it. Why even have a means you overpay taxes. So stay tuned. We're going to talk about that. So we're number one, what's the benefit of filing a tax extension? So number one, you delay paying anything till September, October. So the way that it works is I call it the sheep of the world file in April 15th. Everyone else extends because legally September 15th is when your company, your LLC, your S-corp, your C-corp, limited partnerships can file. Then you personally file October 15th. So you're keeping your money for almost nine months. So you can do your own compound and you can make more money on your money while you keep it. If you're waiting for your return, like I said earlier, it's mean you overpaid and you pretty much gave the government an interest free loan. Crazy on your part to do it. So again, this is about leaning into this invisible pain and tolerance that you all just think, Oh, I just always have to overpay my taxes. You have to pay taxes. I'm not saying be illegal, but you don't have to overpay because you're lazy because you don't have strategy or your CPA. That's the worst thing. Most CPAs are historians. What I find with most CPAs is they're recording your history of what you did. They're not leaning in the year before the quarter before every quarter saying, how much money are you making? Which kind of companies do you need? Which deductions need to be in which company? So you can have the best tax return possible. So an extension allows you to keep your money bottom line for the first nine months of every year you file, you're keeping it and then you file later. So the second thing is how wealthy individuals keep more of their money. It's through better tax planning. Most wealthy people meet a minimum of quarterly a year. So we're meeting sometime in the first, you know, three months and the second and the third and the fourth, we're looking at how many companies you need, which companies should be for the best tax strategy, paying your phone, your vehicles, your home office, your equipment, your business trips, all that's deductible. But if you're just kind of sloppy and lazy, you just got to pay it out your personal bank account. They're not deductions, they're expenses. So you've got to get the difference that using companies allows you to make money, deduct all your expenses. Then you pay tax on what's left. If it's just you personally, you don't have any deductions. You have maybe like one or two or three, like your kids, your mortgage, a few things. So then you make money and then you get taxed to pieces and then you can live on what's left. So you've got to get your tax structure in the right order to get the flow of money. So wealthy people make and invest money and keep their taxes as low as possible. The other thing that wealthy people do is we activate 81,000 pages of code. We don't activate a schedule C. We don't activate just simple, you know, pass through things. We activate an entire code, which usually has three to four corporations and corporate structures. Once you're up making hundreds, if not millions of dollars. And some of you say, well, I haven't even made that yet. Well, let's start with one, get your company up. I call it a cash machine and start activating the deductions. And then you'll get a second company when you get towards a quarter million and then a third. So before I give you the finale of all of this, I want you to subscribe to my channel. I want you to hear five days a week, come here with you and your family. In the show notes below, I have two tickets to our millionaire intensive that is coming up. We do it once a month. Absolutely imperative that you show up to learn about corporate life, learn about databases and rapid marketing systems, learn how to build a funnel so you can get up and get onto revenue immediately on the internet or other even brick and mortar structures. Then we put you into a marketplace where you actually get to go and buy and sell from other people and sell your own stuff. So we want you to make money inside of our systems and we want the money to be made inside your company. So what happens when you file in April typically is the CPAs and the tax teams, the IRS, everybody is busy because it's April 15th, April 15th. So you're not getting a lot of help. You're not getting a lot of insight. So I always tell our clients to do an extension, let everybody file, sheepology. Then the CPAs will take a couple of weeks off. And so May, you're going to come back to them in May and say, all right, let's go. We want to make sure we get every deduction possible. We want to be thorough. And there are monthly ways to create cashflow structures, deduction structures using banking and credit cards, right? This is easily tracked. So this isn't like difficult activity. In fact, we give you systems to organize better. Now, if you really want to learn how to do this, why we do it and how to be a millionaire, again, come to the Millionaire Intensive and inside the millionaire book, go to chapter three. We'll give you the first three chapters today for free. Go to the gap analysis and do a gap. Where are you? What do you want? And then call in for a one-on-one appointment so we can actually have a team member one-by-one just talk you through. Where are you? What do you want? Where are your gaps? How can we can help you? And let's get on with it. Let's create some solutions in your life. If you have any questions at any time, go to askLaurel.com, A-S-K-L-O-R-A-L. Ask a question, make a request. We'll be back tomorrow.