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There’s no fee or penalty to filing for an extension. The key is you’re not delaying paying your taxes, you’re delaying the actual paperwork filing. It’s usually when (as in my case) your taxes are incredibly complicated. My taxes involve maybe 10 different LLCs, am S-Corp, a trust, and several different states. So we always overpay or leave money in the account so to speak. I don’t request refunds, I leave the money there to avoid penalties when I owe taxes. That also makes it easier versus the risk of underpaying and incurring fines.
I mailed my deceased mother's tax forms and the estate tax forms yesterday. Due to the number of forms, each return (2 federal + 2 state) was in a Tyvek envelope. Instead of just throwing on stamps and hoping for the best, I take them to the post office. These were all final returns, so that should be the end of it. Now I'm just waiting for mom's federal, state, and Medicare refunds so I can close out the estate.
This is misguided thinking. Folks should file as soon as possible and if you owe it’s not due until April 15th. Delaying your filing only increases the exposure/time that someone could file a fraudulent return on your behalf. If you file first theirs gets rejected and vice versa
One size does not fit all.
Your advice could cost someone the latest stimulus $$
Last edited by TimtheGuy; 03-04-2021 at 03:28 PM..
S-Corp taxes are due March 15th so I begin getting everything finalized and put together for our CPA right after Christmas and by end of January I have it all to him. By end of February both the corp. and joint taxes are filed. This year he was able to submit the business taxes online also. I always have a sigh of relief when I don't have to think about that any more. I don't know why people wait, it's a worry off my mind to get it done and over with.
I'm thinking of starting on my taxes soon. I started gathering and organizing my papers and documents about a week ago. Thursday I reviewed last years tax forms just to kind of refresh my memory. I was thinking of starting my taxes today, but decided to procrastinate another day or two while double checking to make sure I had everything I need. So maybe I'll get to them next week. Wish me luck.
One thing I would not do again is file my taxes and not pay for express mail with the post office. I mailed my 2019 taxes in May of 2020 and they somehow were never processed by the IRS. Sent them to the same address I've always sent them to, and for whatever reason, when I check online, it now says they have not processed them.
I had to re-file two weeks ago and now have hurdles to clear as I'm in the process of buying a home. Pain in the you know what.
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