Pandamonium – Q1 is a busy time for many businesses, and if you are filing your business income taxes yourself, the extra time is useful if you are hurried and under pressure. Extra time means a more accurate return.
Missing documents – Not all businesses and individuals are prompt with tax documentation. An extension is helpful when you are missing key 1099s or need additional time to document deductions.
Time to seek professional help – If your business acquired any property in 2020, made investments, or did any number of transactions that would be considered out of the ordinary, your taxes may be more complicated, and you should look for professional help. An extension gives you time to do so.