If you haven’t submitted your income tax return yet — with one more day left until Tax Day — then it’s time to think about filing for an extension.
As of April 6, the Internal Revenue Service has received more than 103 million tax returns, out of 155 million the agency expects to get.
If you’re thinking of asking for more time, you’re in good company. The IRS anticipates receiving more than 11.6 million requests for extensions, pushing the income tax deadline out to Oct. 15. That’s a fairly common move for taxpayers with complicated returns.
For instance, investors in partnerships and S-corporations may still be waiting for their Schedule K-1, which will report their share of income, deductions and credits.