AnnetteB6
Expert Alumni

After you file

You can do either option that is better for you.

 

Keep in mind that if you file your return without all of your income, you may owe taxes along with penalties and interest when you amend your return to include your self-employment.  

 

On the other hand, if you file an extension you will need to estimate your self-employment income so that you can pay any balance due when you file the extension.  The extension is giving you more time to file your return, but not more time to pay any taxes you may owe.  

 

If you expect to receive a refund after including your self-employment income, then filing an extension would be best in my opinion.

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