There are a number of reasons to file a tax extension. Does your circumstance fit the bill?
The deadline for filing your 2018 tax return is April 15, 2019. If you’re not ready, you can apply for an extension to delay filing until October 15 at the latest. But make sure you’re not just procrastinating, and instead have a valid reason for filing an extension, from Forbes’ article:
Forms coming from business, real estate investments, etc that bring in income.
You’re just now thinking of hiring an accountant…now is when accountants have too many clients and are too rushed.
You don’t have time to get your paperwork in order.
Finding out more about the taxes on selling a house
Selling a home is a major life change. No matter what your reason is for selling, selling the place you’ve called home is a big deal. One potentially confusing part of the process is figuring out the taxes on selling a house and how the sale will impact your finances for the years to come.
“Relieved that you won’t have to think about taxes for another year now that you’ve finally submitted your 2017 return or will soon? It’s best not to put taxes on the back burner yet. Instead, take advantage of being in tax mode to make a few moves that can help with next year’s return and improve your finances overall.”
“The average tax refund was $2,895 last year, according to the IRS. Whether you’re looking to use it for travel, invest it or use it to build an emergency fund, there are certain steps you can take to stretch your tax refund dollars.”
Nobody likes to pay more in taxes than they absolutely have to. By the time you start preparing your return, it’s too late to use some of the smartest tactics to control the size of your tax bill. Instead, you have to plan in advance to make sure your refund is as big as possible.
If your return is fairly simple and you’re up for the challenge, preparing your taxes solo could save you a bit of money. In fact, an estimated 33% of Americans file their own taxes each year, so if you’re ready to join their ranks, here are a few tips for getting through the process.
1. Prepare your return early
2. Figure out whether you’ll be itemizing this year