![]() ![]() Such crucial decisions should be made when your tax return is filed, and you can only do this when you're given extra time to think them through and get your financial records in order.Ģ. There are various decisions that can be made on your return, including deciding to depreciate equipment, carryback and forward any business losses. Buying you more time to make drastic decisions Having extra time to finish up your tax return can be necessary, and oftentimes, cost-efficient.ġ. Luckily, like many last-minute tax filers, you can take advantage of the annual income tax filing extension option. Need more time to prepare and file your tax? You're probably still waiting for some tax documents to arrive in the mail, or you still need more time to sort out your tax deductions, like tax depreciation.
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