The deadline to file your federal taxes is fast approaching April 18th. If you haven’t started, Catherine Rowe with the Louisiana Society for CPA’s says you’re not alone and there’s something you should consider.
“Don’t be afraid of an extension,” said Rowe. “Chances are if you haven’t filed your taxes yet it’s probably because you haven’t had a chance to get all of your documentation together.”
Rowe reminds filers that an extension doesn’t mean you don’t have to pay…so make sure you know if you owe Uncle Sam before you ask for additional time.
“The whole purpose of an extension is your gathering your information, kind of creating a skeleton of a tax return, you’re extending the time to pay that tax due,” said Rowe.
Rowe says that most filers dealing with only W-2s don’t need much tax advice, but with payments and credits that you may have received over the past year, it’s important to find out what you don’t know.
“Those are very important and if you miscalculate it, you can be looking at an incorrect an additional liability or a loss of a refund,” said Rowe.
The last day to file your taxes is April 18. If you filed an extension, you have until October 15. However, if you owe taxes, they must be paid by the April deadline.
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