April 15 has come and gone. If you have not quite finished your tax return, you must have filed Form 4868, Application for Automatic Extension of Time to File , to the IRS.
This automatic extension gives you six months to file your tax return -. no questions asked
your tax return is now due October 15.
It is easy to breathe a sigh of relief, put away your files and forget about taxes for now
Before you do, however, consider the following :.
to finish will not be easy in October
Unless you are waiting for a form or specific information it n 'there is probably nothing that will be easier to do this fall now. Life has a way to be just as busy later, and it certainly will not become easier to remember details 2013 six months from now.
you can continue working on your back and finish as soon as possible.
If you have most of your information, do as much as possible to your back now. Use estimates if necessary, so that you have as close a possible idea about the amount of taxes you owe.
If your return is complex or you keep hoping to find another deductible receipt or other tax relief, you may be tempted to continue to put off filing your return. Rather than wait, go ahead and file. If you find an important item after you file, you can always file an amended return.
You can not get a refund until you file
If the IRS owes you money, you must file your return and get your refund as soon as possible .
of course, interest rates on bank savings accounts are there right now, leading many people to think that it does not matter if Uncle Sam takes their money for them. It's your money, however, and you can at least invest.
If you have a credit card debt, perhaps 18% interest or more, which is one more reason to file your return now. Pay interest while the IRS gets to keep your money for free is a losing idea.
If you need more taxes, you could be penalized
Even if you have paid tax when you said your role, you might find you need more when you complete your return. It happens. Because of penalties and interest on taxes not only makes things worse.
The longer you wait, the more the two penalties and interest will be.
Do not forget to enter the payments you have made with your extension
when you resume working on your tax return, make sure to enter all the taxes you paid when you filed an extension in order not to overpay. It is an easy mistake to make.
When you file, there is no need to inform the IRS that you filed an extension.
How long do you think it will take you to finish your return
photo credit: wili_hybrid via photopin cc
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