Many taxpayers fear that filing income taxes after the standard April 15 deadline increases the risks of being audited. This assumption is myth, not fact, according to an October 2009 article in "Daily Finance." If you are self-employed, have multiple types of income or earn relatively high income, you might opt for an extension to ensure a proper and accurate return. Young adults completing their first return alone might want to be especially cautious.

More Audit Considerations

The more common reasons for audit concerns are discrepancies between your W-2s and 1099s and your reported income, excessive business expense claims and other unusual data that alert the IRS' computers. Filing an extension gives you until October to complete necessary tax paperwork. Even if you do file after April 15, you should pay estimated tax due by the April deadline to avoid penalty and interest charges.