ANOTHER DEADLINE COMING SOON

For those of you who haven’t filed your taxes yet, and hopefully filed for an extension, this is a reminder that your U.S. Federal Individual income tax returns are due on October 15^th which is the standard extended deadline.

Here’s how it works: April 15^th is the normal deadline for filing your individual federal tax return. However, you can file for an extension. If you chose to request the automatic 6-month extension, then October 15^th is the deadline. 

• The extension gives you more time to file the paperwork.
• However, you do not get an extension to pay taxes owed. Any estimated tax due is generally still due by April 15th.
• Interest and potentially penalties can apply to unpaid taxes after the original payment deadline of April 15th.

• People may file for an extension because their tax situation is complicated.
• Business owners, investors, landlords, people with multiple income sources, and those who moved or experienced major financial changes may need more time to gather and reconcile everything.
• Some taxpayers intentionally file later because their return is complicated and they want their tax professional to have more time to review everything carefully.

It might be obvious but I think it’s important to note that you don't have to wait until October 15th just because you received an extension. You can file any time before then.



While the 6-month extension has some benefits, it also has some drawbacks:

• It gives those that have a tendency to procrastinate more time to do so.

• It provides yet another deadline which can cause unnecessary stress.

Other than those of you who are still waiting for information/documentation to get the returns done, what is holding you back from getting them done? 

• Do you find that you're filling an extension year after year
• Taxes can feel overwhelming, tedious, or complicated, so people put them off until the new deadline creates urgency.

• Is the thought of dealing with the paperwork overwhelming? 
• Is this the first time you’ve had to file a return and you don’t know what to do or where to start.

• Do you know where the documentation required to file your taxes is? 
• People may be searching for charitable donations, business expenses, medical expenses, property records, or other information that could affect their tax liability.

• Can you find the necessary documents to file your taxes?
• For many people, the tax return itself isn't the hardest part. The hardest part is figuring out where everything is.

• Life got in the way?
• Work, family responsibilities, travel, illness, moves, estate matters, or other major life events can push taxes down the priority list.

As a Professional Organizer who specializes in handling paperwork, and especially as someone who has dealt with paperwork professionally as a Legal Assistant/Paralegal for 30 years, let me break this down for you.

If you requested an extension and now have to file by October 15th, don’t wait to the last minute.

1) Missing or misplaced paperwork takes time to track down.

• Bank statements, charitable receipts, medical expenses, business expenses, 1099s, W-2s, and other documents may be scattered across email, paper files and online accounts.

2) You may discover problems that need attention.

• You might realize that a document is missing, a statement is incorrect or an expense needs clarification. 

3) Tax professionals need time too.

• The better organized you are, the easier it will be for your accountant or tax preparer to review the information and ask questions before the deadline. 

October 15th doesn't have to be a tax deadline you dread. We can help you create a simple system for this year's return and next year's documents, rather than starting from scratch every tax season. Putting a system in place will help prevent the dreaded annual tax-paperwork cycle from repeating.

Hopefully next year you will be able to file your tax returns by April 15th to avoid the stress and anxiety of yet another deadline hanging over your head.

 If you are enjoying our Newsletters please follow us on Social Media. We are on Facebook, Instagram, YouTube, LinkedIn and Pinterest. See our links below.

IF YOU OR SOMEONE YOU KNOW COULD USE OUR SERVICES, PLEASE CALL OR HAVE THEM CALL US AT (310) 560-5060. WE WOULD LOVE TO BE OF SERVICE!



QUOTE

You don't have to see the whole staircase, just take the first step

---Martin Luther King