Happy April Fool’s Day! Don’t play the fool. It is already the first day of April. The day may be filled with jokes, but not filing your personal income taxes is not one of them.
Many people have already filed their taxes. Others are having them prepared, but some have put off dealing with them. If you ignore them they will not go away. Now is the time to make plans to file an extension. An extension will give you more time to file, but you will also have to pay interest on the amount owed. Over 10 million people file extensions each year. However, that extension is better than the alternative, not filing at all.
Think the IRS won’t find you out? Not too likely. They collect massive amounts of information, including W2s for wages you received and 1099s sent in by those who have paid you.
Like someone looking over your shoulder? If you haven’t filed, the IRS is likely to find you. The penalties and interest mount each month. They will most likely find you with all the data available today. Don’t try to hide, your digital trail is out there.
File an extension if you worry that you cannot pay right now, . Your extension will give you additional time to get the funds together. Whether that is to take out a loan or to begin saving for your payment, figure out how you can take care of this obligation today.
Les Merritt, CPA and CFP (Certified Financial Planner), has been helping individuals and families with personal taxes for three decades. Of course we all wish our accountants would pay our taxes, but April 1 or not, that’s not going to happen. The next best thing is for Les and his staff to file your extension and devise a plan for paying taxes. Contact Les today at (919) 269-8553 to make arrangements if you have not already filed. You can sit back once it’s done and know that you did not play the fool.