24 Mar Tax Filing Extension: What to Do With Those Extra 3 Months
If you haven’t already heard, the IRS officially pushed Tax Day back from April 15 to July 15. That gives taxpayers an extra 3 months to file their returns amidst all the closings and quarantines. That’s a huge relief to both taxpayers and accountants, but this tax-filing extension presents another question:
What should you do with those extra 3 months?
Is There Any Catch?
There is no catch to the tax-filing extension. Everyone is automatically extended to July 15. Additionally, any payments due are extended to the same date as well. No need to worry about penalties and interest in the meantime. Taxpayers who still require more time can file an extension as normal: filing a Form 4868.
What Should You Do With the Extra Time?
The extra time is mostly there for people who desperately need it. As such, the IRS encourages those who can file and pay to do so normally. If you have your tax stuff ready, then there’s no reason to put off filing any longer. Not only does this ease the IRS’s burden, but it also gets you your refund quicker. It’s safe to say that most people could use that extra cash all things considered. According to the IRS, most refunds are still being sent out within 21 days of filing.
If you’re not ready to file, then the extra time should be used to gather all your documents. If you’re self-employed, that means getting all your expenses, mileage records, tax forms, and more all in the same place. Most people just have to get all their W-2s (and their spouse’s if married).
Additionally, this extra time means you can contact any tax professionals should you need the help. While most businesses are closed in Ohio at the time of writing this piece, accounting services are on the list of “essential businesses,” so most should be open to take any calls or questions.
If you need some professional help during the tax filing extension, call us at 614-524-4888 or 614-310-0506! We’d be happy to help!