As April 15th rapidly approaches, I see more and more tax folders and faxes and client documents come through my office. With all of us leading more “complicated” lives, our tax returns have become more complicated as well. But here is the main catch: Do you know when your tax return is due? If you said April 15th, you are wrong!
See, our world is filled with media over indulgence. When one thing happens we see it all over the place in every news source over and over again. It’s no different for the tax deadline so to speak. April 15th is not the deadline to file your taxes. It never has been and never will be. But, this is all you will hear from every newscaster and internet reporter from sea to shining sea. Not from me!
So what is this mystery day anyway? April 15th is the day we need to settle up with Uncle Sam (and the state) for the previous year. What does that mean usually? Well it often means completing 80+ % of your tax return to see approximately what you owe. Just the money is due, and often with one form that does not even have to be signed! I put a form or 2 on my clients’ secure portal, they print the form(s) and mail to government with the amount due. That is our only requirement for April 15th
So, why do people run to the post office on the 14th or 15th by midnight to file returns? Because they are getting incorrect advice. They are putting unnecessary stress on themselves to get something filed that they really don’t have to! I am sure the lousy, hastily filled out forms that get filed that day have more mistakes and get questioned more than any other returns filed at different times of the year
“But I am going to get audited if I extend my return.” FALSE. This is never been true. The word extension makes people feel nervous and it has negative connotation in an area that already causes so much anxiety for many people. So, let’s not use the word extension or extend. Let’s use a new word, continue. You as a taxpayer can “continue” your return until October 15th, as long as you settle up with payment due on April 15th. Yes, continue is a much better word!
Listen below to Win Damon and I review this very topic on WNBP, FM 106.1 and WNBP.com every Tuesday at 8:20 AM
About Stu: With more than 25 years of experience as a credentialed tax professional, Stu Steinberg brings a broad depth of knowledge to his work. Stu founded Erock Tax to help provide tax strategies to individuals, families and small businesses. He uses his CPA expertise to help each client navigate their long-term debt and mortgage, gaining them the best deals and rates possible. Stu is passionate about empowering his clients through education about their tax health. He is highly energetic and brings a sense of optimism, creative problem-solving and a deep level of commitment to every Erock client.