There are times when we must discuss things that we have discussed before. It is part of the cyclical nature of much of what we do. Things happen year after year and they are big enough to warrant discussion and/or reminding. Now, as we approach the end of tax season, we are reaching one of those conversations again.
The start of the conversation is a bit new (or back to normal), though, for after two wacky years, there is not an extended tax deadline. This means that the regular deadline is fast approaching – less than two weeks away – on April 18.
Of course, with that always comes talk of extensions. And these can be great things for many reasons. There are plenty of legitimate situations that will cause people to not be able to file their taxes on time. Maybe you are having issues with some forms, maybe serious life issues got in the way, or maybe you fit in one of dozens of other stories as to why that deadline has become unmanageable. No matter which one it is, it is not difficult to get yourself another six months of leeway to get that tax return filed.
Now comes the part that we have to drive home whenever speaking about this, though. When you receive an extension, you are getting an extension to file, NOT an extension to pay any taxes you owe. So of all those legitimate reasons why someone may need an extension, getting more time to pay what you owe is not one of them.
For even if you get an extension and do not file this month, penalties and interest will start accruing on any money you owe once the original deadline is missed. This means that not only is needing more time to pay not a good reason to get an extension, but it will only result in you owing more money.
No matter where you find yourself in the process, though, know that we are willing to help where we can. Do you need assistance in getting an extension, let us know. Do you need some guidance on how to handle a tax debt, let us know.
Now, keep in mind that we are in that crunch time and our availability may be limited. So we may need to ask for a little more patience than usual, but know that with a little understanding from both sides we will work to see that you receive what you need.
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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.