It is not like it is difficult to understand procrastination. Of course it is easier to not do something than to do something, no matter how much you should do it. And when it is not difficult to get a deadline extended for something you don’t want to do, kicking that can further down the road becomes super tempting. But even with all that, we are approaching the October 15th deadline for submitting taxes even if you received an extension.
Aside from procrastination, sometimes you can’t complete tasks because of circumstances beyond your control. So if you have been affected by one (or unfortunately more) of the numerous disasters that have ravaged parts of our country, it is possible that this deadline could have been pushed back further for you. If things have happened that would prevent you from reaching the October 15th deadline because of such disasters, it can be worth looking into if you qualify for the added time. Please do not hesitate to reach out to us if you need clarity with this.
But for the rest of you, it is time to get moving. The sooner you get everything together to prepare your taxes, the more time you have to confidently answer any questions that come up, and the better chance you have to use those answers to your best advantage. After all, if you are expecting a refund, why would you not want that money and as much of it as you are entitled to?
Getting this done can be even more important for those who still owe money to the IRS, though. We say this every year, but every year still see people who were unaware of it – receiving an extension to file is not an extension to pay your taxes. The deadline to pay 2020 taxes was still May 17, 2021. At that time, fees and interest started to accrue on your balance. The sooner you get your taxes filed, the sooner you get a handle on how you will pay that amount.
Every year it is true that filing electronically (and receiving payments via direct deposit) will get your return through the system faster. That is going to be even more true this year, however. As we have recently said in this space, we are seeing people who filed at the regular deadline still waiting for their return to be processed. That is already a long line so if you can avoid joining the slower one, it will only be good for your peace of mind.
So yeah, what are you waiting for?
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To ensure we don't make the folks at the IRS ornery, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal Revenue Code or (ii) promoting, marketing, or recommending to another party any transaction or matter addressed herein.