Tax Tips for Extension Filers

Autumn is upon us, and if you chose to file a tax extension this year, October 15 is your target date…your zero hour…your deadline. Your six-month grace period is coming to an end.

If it feels as though the past few months have flown by, don’t fret, there is still time to submit your tax return without incurring any additional penalties or interest. We’ve compiled a short list of last-minute tax tips for you extension filers needing to get your returns filed with the IRS by October 15th.

Electronic vs. Paper

It may come as a small surprise, but October 15th is the tax deadline for electronically filing your tax return. You are still eligible to file a paper tax return after October 15th, but you will incur those nasty interest charges and late penalties.

The best decision you could make at this point is to go ahead and e-file your tax return by the 15th. By doing so you will remain within your six-month grace period. There’s no sense in giving the IRS a reason to take more than you owe.

Double Check Personal Information

This is it – your last chance to make sure everything contained within your tax return is true and accurate. There are no additional extensions after October 15th.

Don’t panic, but don’t forget to review your personal information. Make sure your name, birthday, address, and social security information is correct.  Also include all W-2s and 1099s, when entering your information.

IRAs

October 15th is also the final deadline to fund your SEP-IRA if you requested an automatic extension. If you’ve forgotten about this little deadline, you still have time to make some deposits. Just remember to update your tax paperwork after you’ve funded these accounts, because, although it’s 2013, you’re actually funding your accounts for the 2012 tax year.

Preparing for the Future

It’s easy to get stuck in a rut, especially when that rut is filing for a tax extension year after year. Let’s face it, when you file your taxes in October, the last thing you want to think about is preparing for next year’s taxes. But no matter how much you want to forget about taxes, April is always right around the corner.

Let this be an encouragement for you to get organized this year. The middle of November is a great time to begin gathering your thoughts and your records for the upcoming tax season. And if you would like to save more on your 2013 taxes, use this time to make some year-end financial maneuvers to get yourself in a better position for next year.

Comments (1) Leave your comment

  1. Please be advised kindly I don’t need IRA Tax Extension info from Turbotax,for not paying enough tax on my matured 2010 IRA withdrawal. I paid the IRA the tax I owed them for this on 03/20/13. Thank you Tom Foley.
    See you feb. 2014 formy taxes ! : – )

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