Question

If I am not completely clear as to whether we will be getting a refund, as a self-employed LLC, should I file for an extension just in case?

Forum|Forum|2 years ago
April 12, 2023
1 reply
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To make the situation more complex, I may need to file an amended return for 2021 (& will speak with a CPA for specific help on this), but I am presuming that I should go ahead and file for an extension for 2022 taxes now, is that correct?

TurboTax Online

R

RobertB4444

You should absolutely file for an extension for 2022. If you have no idea whether you will owe or not it is really hard to calculate the amount to send in with the extension. You can certainly file one with no payment - and you should, if that is your best guess - but it's better to be safe than sorry. If you owe any money and file an extension the IRS will definitely tack on penalties and interest. (Which is still better than late-filing or failure-to-file penalties) So if you think there's a chance send some money with the extension.

All of that has nothing to do with amending the 2021 return but an extension is a good idea while you sort all that out.

@wanganui1-

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