If you have year-to-date trading gains in 2015, it’s wise to be conservative with extension payments figuring you can apply overpayment credits toward 2015 estimated income taxes. Prepare draft tax returns based on tax information in hand, accounting and estimates of missing information to generate the extensions from tax software.
If you think you may owe taxes, then continue working on your tax filings.
You don’t need to prepare detailed draft tax returns before April 15. Perhaps your spouse has a W-2 with ample tax withholding and you have trading business losses, itemized deductions and nominal other income. Enter taxes paid (including credits) with the same amount for tax liability reflecting a zero balance due. If you don’t owe taxes, the extensions are easy.
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