So yes, the concept of time feels like it has been thrown off for a few months now. And yes, I know I have mentioned this more than a few times over that period. (Or was it only once, who knows anymore … is this real life?) But yes, again it must be said that the deadline for filing your taxes is not that far away.
There is less than a month remaining before the advanced deadline date of July 15. It felt far away at one point, but now it is just about here. Now is analogous to being in late March normally when that April 15 starts to loom large. So if you can, start getting things together and make moves to make the return happen. At the same time, though, I understand that some people are not in a position where they can do that right now. If you find yourself in that situation, remember that there is still the ability to file for an extension to gain a few more months.
That means it is now time for my annual missive when I remind you that getting an extension to file your taxes does not mean you are receiving an extension to pay your taxes.
Taxes come with due dates and in general when you fill out your annual return, those are due on the traditional date of April 15. Once they are not paid on that date, you start racking up fees and interest that increase the amount you owe. When you file for an extension, that does not mean what you owed goes away. The due date instead keeps moving steadily into the past, and interest continues to accrue, you know, as it does.
If the only reason you are looking to file an extension is so that you do not have to pay yet, you are actually only costing yourself more money. For even if you cannot afford the bill yet, you will only get more fees tacked on for not filing a return. Filing and not paying your tax bill, then, can actually save you money. If you are in this situation, please contact us so you can learn about how the IRS will handle you owing them instead of just hiding from the fact that you do.
If you are expecting a refund, there will be no fee or penalty for getting an extension and filing later, but why would you do that? Isn’t it better to have your money now than later?
Or maybe your personal story is more complicated than these. No matter what situation you are in, contact us if you need help getting to the finish line. We can help you make the best choice for yourself, whether it be getting an extension or getting that return going. The answers will not be the same for everyone, but we can help you arrive at yours.
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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.