It is almost April 15th and that means one thing: Your tax filing is due. No that is REALLY NOT TRUE! The BIG deadline is really not a tax filing deadline, it’s a tax PAYING deadline. So, if you owe for 2012, it’s time to settle up with Uncle Sam, but it is NOT time to file. Our actual returns are due on October 15th, and I actually file many of my clients in the summer or even right up to the deadline in October.
Now I do not recommend this for everyone, but there are many solid reasons to wait: You do not have all your information, you want to fund a SEP IRA (deadline when you actually file the return), or you are simply not ready to file due to work or personal reasons. These are all legitimate reasons for you to file in May-October, and they are all LEGAL!
So remember, pay what you owe by April 15, and also pay a first quarter estimated tax by that date if necessary, but do not force feed a full return by that date because it is not necessary. Get the information you need from a qualified professional. This will arm you with the best information about your tax life.
If you MUST file because you are nervous or anxious, remember that in New England and parts of New York we have until Tuesday April 16th due to the Patriots day holiday in Massachusetts and the fact that the Andover IRS office is closed Monday April 15th.
Listen below to my brief chat with Win Damon of 106.1 FM in Newburyport. You can hear me chat with Win every Tuesday morning at 8:30 as we discuss the many insightful tax and financial issues that affect us all on a daily basis.