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Importance Of Extended Deadline For Filing Tax Returns

Importance of extended deadline for filing tax returns

Quick things to learn while filing taxes with an extended deadline:

  • If you’re not ready to file your tax return yet, you may file an extension. People believe that their 1040 tax return, which is the personal tax return, needs to be filed not later than April 15th each year. But, in fact, you can extend until October 15th of each year
  • Whenever you file an amended return you are literally reaching out to the IRS waving your hands saying, “Hey, I’d like you to come and check out my files directly and in person by human eyes”, which is something that you would never want.
  • If you don’t file your tax return by even the October 15th deadline, the question is whether there will be penalties for late filing. The penalties are completely based on whether you owe money or you exceed the extended deadline.

Hi everyone; it’s Shauna, the Tax Goddess, here with you today on October 4th. We have 11 days left until the tax deadline of October 15th.

Let’s talk about the importance of an extended deadline for filing tax returns. If you’re not ready to file your tax return yet, you may file an extension. Most people believe that their 1040 tax return, which is the personal tax return, needs to be filed not later than April 15th each year. But, in fact, you can extend until October 15th of each year. However, note that it is not additional time to pay but only additional time to file your tax return. This extension helps in case you have additional business interests or K-1’s that you haven’t received by the April 15th deadline. This also helps you value your tax returns properly once you receive the pending information.

Many a time people file their tax return and then an amended return on obtaining the pending information. This is probably one of the worst things that you could possibly do to yourself. Whenever you file an amended return you are literally reaching out to the IRS waving your hands saying, “Hey, I’d like you to come and check out my files directly and in person by human eyes”, which is something that you would never want.

If you don’t file your tax return by even the October 15th deadline, the question is whether there will be penalties for late filing. The penalties are completely based on whether you owe money or you exceed the extended deadline. As long as you file your return by October 15th midnight, you will not be penalized. Sometimes what happens is you do an estimate of taxes in April and pay them but then something changes between April and October, which results in additional taxes owed. In this case you should pay these additional taxes as quickly as possible in order to avoid any penalties.

As the tax planning season has begun, I have been helping out many of my clients in this area. Today, I was able to deliver one of our strategic tax coaching plans, whereby I saved a client over 46,000 dollars a year off of their tax bill. We have five slots left for strategic tax coaching plans before the end of this year, that is, until November 1st. if you’re interested in dropping your bill, let us know. Hope you’re having a wonderful day.

 

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PLEASE NOTE: As of late Aug 2018 there was a proposed law change that would disallow a double deduction for these charitable credits at the federal level for contributions made after Aug 2018. You are still eligible for the AZ state tax credits as the change would only impact your ability to take them as charity donations at the federal level.
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