2015 Tax Tip: Pros and Cons of Filing a Tax Extension

— -- If you don't have time to complete your taxes by the April 15 deadline, you can file for an extension.

“If you’re rushed during the winter tax season, it gives you more time to put your paperwork in order,” says New York-based accountant Janice Hayman. “It gives you more time to make a retirement contribution if you are self-employed.”

Tom Wheelwright, CEO and founder of the CPA firm ProVision, says you may also have a lower chance of being audited if you file an extension.

But there could be a downside: “The con would be only if you think you owe money. An extension does not extend the time to pay,” Hayman says. “So my recommendation is always, 'let’s do our best guess-timate and pay something with the extension by April 15.'"

With Form 4868, you have six more months to file your return.

If the IRS owes you money, the sooner you file your return, the sooner you'll get your money.