So today is the 11th hour for taxes. They are due Monday and you must file your return or file for an extension. If you have filed your return, April 15 is not something you have to worry about. However, if you have not taken care of this, you can have your CPA or accountant file an extension or do it yourself online at https://irsextension.online. In either case, after the extension is filed, it is time start working on your taxes. The penalty for what you owe begins to accrue on Tuesday. This penalty is normally 5 percent of the unpaid taxes for each month or part of a month that a tax return is late. That penalty will not exceed 25 percent of your unpaid taxes.
You will want to pay as soon as possible and work with your tax preparer to get your return ready. If you do not have the money at this time, there are options. It may be less expensive to borrow that money with a credit card and pay it down each month rather than incurring a larger tax penalty. In any case, if you haven’t done so already, start working with your CPA on your taxes.
Les Merritt and his staff work with many clients who file extensions and they can advise you about the best ways to meet your tax obligation. Since Les is also a Certified Financial Planner (CFP), he can also help you with your investments so that when tax time comes around next year you are ready. He does this because he combines his knowledge of both. This enables him to understand your whole financial picture and help you plan accordingly.
Contact Les today at (919) 269-8553 whether you have filed or need to file an extension for your 2018 taxes. He can guide you through what you need to do and set a path for the coming year. And remember, it is the 11th hour for taxes. Be sure you have filed your taxes or for an extension by Monday.