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Can't Quite Get It All Done?
Posted Friday, March 10, 2017
Don’t worry - file an extension and be happy!
Of course I am talking about your income taxes! While the usual Federal Tax deadline* is April 15th [but on April 18th in 2017], if you have not completed your tax returns there is the lovely convention of the Tax Extension.
Generally, you can file an extension and get up to 6 months to complete your returns, but DO make payment on any tax you expect to owe, as the extension does not extend the time to Pay.
Use reasonable estimates for those things you don’t have a handle on, and use actual numbers where you have them. This gives you the best accuracy in a fuzzy situation. Note that IRS does not refund any overpayment until the actual return is completed.
* While most states use the same date as the Federal for tax deadlines, some use alternate dates – such as 1st day of 5th month [May 1st]. Get to know your own state.
Of course I am talking about your income taxes! While the usual Federal Tax deadline* is April 15th [but on April 18th in 2017], if you have not completed your tax returns there is the lovely convention of the Tax Extension.
Generally, you can file an extension and get up to 6 months to complete your returns, but DO make payment on any tax you expect to owe, as the extension does not extend the time to Pay.
Use reasonable estimates for those things you don’t have a handle on, and use actual numbers where you have them. This gives you the best accuracy in a fuzzy situation. Note that IRS does not refund any overpayment until the actual return is completed.
* While most states use the same date as the Federal for tax deadlines, some use alternate dates – such as 1st day of 5th month [May 1st]. Get to know your own state.