Warning: Taxpayer Extension Periods Are About Up
For some taxpayers, the April 15th tax filing deadline each year is no problem. They just file for an extension. The way the IRS system is set up, such requests are automatically granted and a six month extension is given. Well, summer is over and that extension period is about to run out.
If you filed an extension this past April, then you need to be aware that the deadline for filing your tax return is October 15th. You should have already paid the taxes you owe. Regardless, the October 15th date is a fairly hard deadline these days. The IRS gave you the first extension automatically, but the second one is much harder to get as you have to have some compelling reason. The fact you haven't got your act together yet is not one!
Okay, you've accepted it is tax filing time and there is no escape. How can you make the process as painless as possible? The answer is to do your tax returns in small bites instead of big ones. If you sit down one night and try to do everything, you are much more likely to make mistakes than if you spend an hour or so every night just doing a little bit. You'll also retain your sanity and avoid problems with those around you due to your nasty attitude!
Everyone has a different tax situation, but we can still discuss a general scenario. The first few nights should be spent getting your records together. Take your time and don't get frustrated. Once you have the records, get them organized in two groups - income and deductions. Now you are ready to tackle the tax forms. Make sure you have all the ones you'll need. You can get them from the local IRS office, post office or even order them from the IRS.
At this point, there is nothing left to do but prepare your returns. If you have a complex situation on your hands, try dividing up the return. Do the income sections of your 1040 one night and the deduction side the next. Once completed, let your return sit for a day or two and then recheck it. Pay close attention to your math, the one area that the IRS notes is the biggest problem.
At this point, you should be done. Doing taxes is never fun, but you should've suffered far less than if you had tried to rush it all a day or two before the return was due.
If you filed an extension this past April, then you need to be aware that the deadline for filing your tax return is October 15th. You should have already paid the taxes you owe. Regardless, the October 15th date is a fairly hard deadline these days. The IRS gave you the first extension automatically, but the second one is much harder to get as you have to have some compelling reason. The fact you haven't got your act together yet is not one!
Okay, you've accepted it is tax filing time and there is no escape. How can you make the process as painless as possible? The answer is to do your tax returns in small bites instead of big ones. If you sit down one night and try to do everything, you are much more likely to make mistakes than if you spend an hour or so every night just doing a little bit. You'll also retain your sanity and avoid problems with those around you due to your nasty attitude!
Everyone has a different tax situation, but we can still discuss a general scenario. The first few nights should be spent getting your records together. Take your time and don't get frustrated. Once you have the records, get them organized in two groups - income and deductions. Now you are ready to tackle the tax forms. Make sure you have all the ones you'll need. You can get them from the local IRS office, post office or even order them from the IRS.
At this point, there is nothing left to do but prepare your returns. If you have a complex situation on your hands, try dividing up the return. Do the income sections of your 1040 one night and the deduction side the next. Once completed, let your return sit for a day or two and then recheck it. Pay close attention to your math, the one area that the IRS notes is the biggest problem.
At this point, you should be done. Doing taxes is never fun, but you should've suffered far less than if you had tried to rush it all a day or two before the return was due.
Source...