As I write this, it’s September 30th. Two weeks from tomorrow is Thursday, October 15, 2020. That’s the deadline for individual taxpayers on extension to file their tax returns (except for those in disaster areas such as the fires that impacted California, Oregon, and Washington). If you have yet to send your paperwork to your tax professional it’s past the time to do so. Yes, it’s time to panic!
If your return is simple and straightforward, stop procrastinating and get it done and filed. If your return has any sort of complexities, you must start working on it now. Your tax professional needs time to get it done correctly. You need to turn in that paperwork post haste. If you’ve procrastinated, stop, sit down, and get it done–NOW.
It may already be too late for your return to be timely filed with many tax professionals. For example, our official deadline was September 15th. Luckily, we’re only a day or two behind so our procrastinating clients are still in relatively good shape. However, that might not be the case with all tax professionals. And I can guarantee if you drop off your paperwork with us on October 13th your return is almost certainly not going to be timely filed.
If you file late, it’s as if you never filed your extension. So sit down and get everything done now! Of course, if you like paying a 25% penalty, simply procrastinate for another three weeks.
Tags: 2020.Tax.Season