Look at the period of extension as a window of opportunity to plan and get organized, not only for the filing of the tax return but also to determine if estimated taxes are required for the upcoming tax year. One of the first things you should do is to gather all your tax documents together. This will make it much easier to manage your return, and you may find that getting everything together now will help you beat the pre-deadline rush. This is also the time to address any open items from your accountant.

As you are organizing you may also be able to develop a system for keeping all your documents in order and prepare to be more proactive about filing next year. Getting everything in order may also help to file a more accurate tax return, as you will have more time to determine which tax deductions apply to you and which do not.

For business owners who filed for an extension for their corporate or partnership returns, the six-month period is a good time to evaluate internal systems and documentation. This is also the time to finalize the K-1 information, and provide to all participants, so they can file accurate returns.

For those self-employed, filing an extension can also provide more time to contribute to a retirement account. Normally, contributions to a Solo 401(k) plan or Simplified Employee Pension (SEP) IRA for the previous calendar year would have to be made by the original April filing date. However, if you get an extension to file your return, you also get an extension to make your contribution to your retirement account(s).

Please remember if you have an extension, it’s advised not to wait until October 15th to file. If you can organize everything earlier, you should file before the deadline date.