... But Don't Procrastinate

Last week I wrote about extensions, how they don’t have to be feared, and can be the right move depending upon where in the tax filing preparation process you are. This can be a big weight removed from someone who has legitimate reasons why they would not be able to get their return completed on time. After all, this is not being awarded a two-week reprieve but rather gives one another six months to get things complete and filed.

But what about those who have not filed their taxes yet just because they did not start the process in time and only need to get moving to have things complete? Well, unfortunately this can often serve as an invitation to spend more time procrastinating.

This then is the article that is going to tell you that this is not a good idea. Granted, everyone knows this already, we mention it often during the start of tax season, but we still must keep trying.

After all, the reason that an extension can feel like a reprieve is because it does take a task that you have to do and pushes it much deeper down the calendar. If this was feeling like something that weighed on you on April 1, though, if you just decide not to think about it for a while, it is probably going to feel even worse on October 1.

And also, remember that an extension only gives extra time to file but not extra time to pay any taxes that you may still owe. So the sooner you take care of it, the sooner you can be sure you have a handle on that debt.

So, yes, there can be good reasons why one needs an extension and needs to use the time that it gives, but if you don’t have a good reason, get on top of things as soon as possible so that this can be something you can really not think about anymore.

Warmly,

Josh Bousquet
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