Don’t Wait to File Your 2019 Tax Returns
The U.S. government has extended the tax-filing deadline to July 15, 2020 to give taxpayers extra time to file and pay their taxes. Many people currently find themselves working from home and with more time available to dedicate to preparing their materials. It is highly recommended that you send in your materials to file your tax return as soon as possible. With everything going on in the world amid COVID-19, taking tax preparation off your plate will give you one less thing to worry about.
Having extra time to file doesn’t mean you should wait to file your tax returns. Why?
- You may be entitled to a refund, or you may owe money.
The sooner you file, the sooner you will receive your refund. If you are expecting a refund, there is absolutely no reason to wait.
If you owe money, it’s easier to plan for payment now rather than scramble to come up with payment or pay less than you owe at the last minute. The IRS can start a tab for penalties and interest on the amount of unpaid tax. The sooner you know the amount owed, the sooner you can tackle your payment plan. - Not everything due April 15th has been extended.
A false lack of urgency may cause you to miss a filing deadline which can cost you late fees, payment penalties and election opportunities. Check your State Filing Deadlines - Haste Makes Waste.
Tax procrastination can come with a price. When you’re rushed, you are more likely to make mistakes or forget to submit something to your CPA. When businesses and schools reopen, life will certainly become extremely busy again. Take the time now to gather necessary documents and get your tax-return filed, before we return to a fast-paced world. - Avoid Needing to File an Extension.
Waiting until the last minute may result in needing to file an October 15th extension. If everyone waits until July to get their paperwork in order, that creates a scenario where practitioners are looking at an extremely compressed filing period for a high number of clients. To ensure your return is filed on time, please send in your documents ASAP.
MBK remains fully committed to our clients and community during this unprecedented time. If you have any questions, please do not hesitate to reach out directly to your Partner.
This material is generic in nature. Before relying on the material in any important matter, users should note date of publication and carefully evaluate its accuracy, currency, completeness, and relevance for their purposes, and should obtain any appropriate professional advice relevant to their particular circumstances.
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