There’s still a few days left for filing your tax return before the April 15 tax deadline.
If you’re thinking about putting it off by filing an extension, there’s a whole bunch of reasons why you should forget about that idea and plan to file by the tax deadline.
You May be Getting a Tax Refund (and you should file even if you’re not)
If you expect to get a tax refund, then you should file your tax return without delay. If you are not sure if you’re getting a tax refund – or if you’re going to owe – then you need to find out.
There’s also a problem with getting an extension when you are due a tax refund, and it’s related to human nature. Once the April 15 tax deadline passes, you’ll have another six months to file, and out of sheer laziness you might be tempted to wait that long before finally filing your return. That’s six more months you don’t have your money.
You Can Go Online and Make it Easy!
Since it’s so close to the filing deadline, the best way to file your tax returns will be to do so online (actually, I think this is the best way all the time but especially true near the tax deadline). You can prepare your tax return with TurboTax, then e-file it instantaneously.
Start by collecting all of the paperwork you need – your W2s, 1099s, and other tax documentation. Then log-in and start. TurboTax will ask you simple questions about you and you can easily and accurately file your taxes.
You don’t need to be a tax expert to do your taxes online. You can answer simple questions related to you, and the program will guide you through the process. And if you’ve taken the time to collect all of your tax documents in advance, you’ll have everything you need exactly at the time that you need it. Tax preparation is mostly collecting paperwork and making sure you put the right numbers in the right boxes, but TurboTax does all the calculations for you and puts the information on the right forms for you.
You can also move across devices when preparing your taxes with TurboTax. Talk about convenience.
Considering Taking Your Taxes to Someone? Good luck. Tax preparers are already swamped. Yours will go on a stack with dozens, or even hundreds, of other last-minute tax returns that will simply get an extension.
Why You Don’t Want to File For an Extension
If you are owed a tax refund, you don’t want an extension because you don’t get your refund. If you owe taxes, you still need to send in your tax payment even if you request an extension. If you extend your return past April 15, and you still have a balance due when you file, you’ll be adding interest and penalties on top of the additional tax liability.
It’s important to understand that an extension of time to file is not an extension of time to pay your tax. There will be penalties and interest added to any balance due that was not paid by April 15. Since you must pay the tax, you may as well file your tax return, and do it by the filing date.
Avoid the complications and uncertainties that filing for an extension can bring. File by April 15, while you still have time to do it. You can e-file with TurboTax until the clock strikes midnight on the 15th and if you have any questions along the way, you can talk to tax experts who are Enrolled Agents or CPAs live via phone or chat. Take advantage of every hour you have left!
And once you’re done – you can relax!