26 Days Left to File Tax Returns

Is there enough time for you to get your tax returns completed on time?

If you're a procrastinator, you'll be pleased to know that the IRS has extended this year's tax return and payment due date to April 17. That's right... you have two extra days to procrastinate!

But why wait? You have all good intentions of living a stress-free life, so why should getting your tax returns done be such a taxing task?

It's complicated... the cartoon says it all.

Regardless, try to resist the temptation to put off your taxes until the last minute. If you rush to meet the filing deadline, you just might overlook potential sources of tax savings and rushing might increase your risk of making an error.

Once you do get your tax return completed, after giving yourself the obligatory pat on the back, be sure to e-file your returns. This is the quickest way to get
that refund you've been looking forward to spending.... or saving for a rainy day.

Best of all, when combining e-file with direct deposit,  my clients in the Tri-Valley area have reported they've received their refund in as few as 10 days. That's an impressive turnaround from a government agency... or for any organization.

If you do owe taxes, you can file immediately and pay later (by the April 17 tax
deadline).  If you can't pay the full amount of taxes you owe by April 17, you still need to file your return on time to avoid penalties. You should also pay as much as you can to avoid penalties and interest.  The IRS has an online Installment Agreement application at www.irs.gov.

Still procrastinating? Just be sure to request an extension of time to file. That'll give you another six months to complete your tax return, but it does not give you more time to pay any taxes that are due.  Remember, it's an extension to file, but it's not an extension to pay.

Reality is that by the time you finish calculating what you might owe for the April 17 deadline, your tax return is practically done anyway!

So, what are you waiting for?

Linda Koziol, Enrolled Agent

Office:  925-320-7801

Visit our Website:  www.eastbaytaxpros.com for more tax news.

East Bay Tax Professionals is located at 6400 Village Parkway, Ste. 201, Dublin, California

Circular 230 Disclosure: Any advice contained in this post (including any attachments unless expressly stated otherwise) is not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer.