Learning From March Madness: Why Filing an Extension Could Be Your Sleeper Tax Strategy

Mark  J Kohler for Entrepreneur writes: The ‘safe’ bets aren’t always so safe. Which is why ESPN experts explaining the science behind their March Madness brackets often claim that ‘unconventional wisdom’ can be the secret to success -- and to saving your precious $5 entry fee in the office pool.

The ‘Bracketologists’ have a point. After all, how many of you picked Dayton, Tennessee or Stanford to be in your sweet sixteen? Not likely when Duke or Wichita State were the ‘safe’ bets, right?

Regrettably, I think many small business owners will also rush to file their tax returns in the next 3 weeks because it’s the conventional wisdom to file by April 15. In reality, acting hastily to meet this deadline could force them to overlook critical deductions.

Let’s be honest. We all know that tax planning takes place in November and December. So instead of me writing an article on a bunch of last minute pseudo tax tips that are simply a feeble attempt at making us feel better for putting off what we should have done last year, let’s call a spade a spade.

Are you going to save thousands on your tax return? What is your ‘Taxology’ for super savings at this point? Shouldn’t it be scouring any and all records, bank statements, credit card bills or receipts for extra write-offs you may have missed capturing last year?

You know what I’m talking about: filing an extension. It could be your sleeper ‘Taxology’ strategy.

First, filing an extension is the equivalent to taking a ‘Time Out’ right before a game’s final shot. It gives you a chance to dig up all the expenses you can and reevaluate how aggressive you want to be on your tax return. [snip]  The article continues at Entrepreneur, click here to continue reading.