Are there any downsides to filing an extension for tax returns?

I've never filed an extension and probably won't this year. But I wonder what negatives there were in an filing an extension. ??

Are there any downsides to filing an extension for tax returns?symphony

Only if you owe money and don't pay it by April 15 (17th this year).

One big advantage to filing an extension that no one ever mentions is that you chances of being randomly audited are dramatically decreased.

The IRS audits for two reasons. Blatant/inflated figures and random. Most audits are random. These audits start as soon as people start filing their returns. By August, (when your extended tax return should be filed) most of the random slots are full and the auditors are too busy.

Are there any downsides to filing an extension for tax returns?performing arts center opera theater

yes - first of all, you must pay what you think you owe, even though you haven't done your taxes! If you don't, there's a fine - second - if you are getting a refund, you have to wait that much longer! Third - you are more likely to get an audit if you file an extension.
You will get your return back later! I don't think there are any penalties for filing an extension as long as you file your return within the time given but you will find all that out on the irs website. Good luck.
none. you are however required to pay your taxes on time. If you know about how much you will owe, send it in on time with your extention request.
Aside from penalties and a mountain of paperwork that will keep you corresponding with the IRS till next year, there are no downsides.
My boss is an expert at filing extensions. You have no higher chance of being audited just because you filed an extension.

The only downside is you have to have the balance of what you think you will owe paid by April 15(17 this year).

The upside is you can make sure to get all your w-2s, 1099s, 1098s, and k-1s and include all income and deductions. It is a lot easier to file an extension and get your return correct vs. to file by April 15 and then find you did something wrong and have to file an amended tax return.