It’s finally here! The day we’ve all been waiting for: Tax Day 2019. Hopefully this means the crying and cussing has stopped and you can sit back and relax before doing it all again next year. It feels good, right? What’s more is now we can really focus on implementing the promises Stacy talked about last week.
For some of us though, the swearing and frustrations haven’t ceased; we may still be in the thick of it and need more time. If you find yourself in this category, you’re not alone. The IRS approximates that 10% of individuals will apply for an extension in filing their 2018 income taxes. Applying for an extension helps those of us feeling too pinched for time get an extra 6 months to cross the Ts and dot the Is on our returns. Here are some more important details to know when you apply for an extension:
- As long as you file the proper form on time, the IRS will grant the extension no matter the reason.
- Applying for an extension means you won’t have to pay “failure-to-file” penalties.
- An extension gives you more time to FILE, but not PAY your taxes. If you owe taxes, interest and other penalties may begin to accrue if you don’t send payment with your application.
Whether you filed your taxes already or applied for an extension, you deserve a virtual fist bump. You’ve earned yourself some breathing room before preparing for next year.
If you find yourself applying for an extension year-after-year, give us a call. We’ll coach you to find your Bookkeeping Zen by showing you how to organize and simplify your bookkeeping so you’re ready for next year’s deadline. Only this time it will be without the cussing and crying.