I Got My Taxes Done Early This Year
Monday February 26, 2007
Tax time in the US approaches, once again. Every year around this time I remember a comment a co-worker once made to me on the morning of April 15th:
"I'm so excited! I got my taxes done early this year!"
"Really?", I replied. "When did you finish them?"
"Last night at about 7:30", was her answer.
I don't know about you, but four and a half hours before the postmark deadline didn't seem very "early" to me. I think the funniest part of her answer was the she was dead serious.
With about seven weeks to the deadline now would be a good time to get started on your return if you haven't already done so. Typically, those who expect a large refund will file early so they can get their money. But, if you're like many of who fully expect to owe a sizeable sum to the IRS this year, you'll be more likely to want to procrastinate in order to delay the pain. But what's stopping you from getting your tax return done early and then waiting to send it in as the deadline nears?
If you're using a paid tax preparer to complete your return this year, you'll want to set up your appointment as soon as possible. You can bet that tax preparers' businesses are picking up at full speed, right about now. Now would also be a great time to start pulling your records together.
If you're using computer software like TurboTax or TaxCut you'll want to buy the software now or get around to installing it and downloading all of the updates. Ideally, you would have done this long ago, but if you haven't, there's no time like the present. You'll want to also check for updates again just before you finalize your return.
It's very easy to get an automatic extension to file your returns, but the IRS requires that you pay what you believe will be the full amount of your tax liability by the deadline. So, unless there are some other compelling circumstances that would require you to request an extension, my recommendation is to buck up and get your return in before the deadline. It will be a big weight off your shoulders to know that everything's been done.
Related topics on Taxes
"I'm so excited! I got my taxes done early this year!"
"Really?", I replied. "When did you finish them?"
"Last night at about 7:30", was her answer.
I don't know about you, but four and a half hours before the postmark deadline didn't seem very "early" to me. I think the funniest part of her answer was the she was dead serious.
With about seven weeks to the deadline now would be a good time to get started on your return if you haven't already done so. Typically, those who expect a large refund will file early so they can get their money. But, if you're like many of who fully expect to owe a sizeable sum to the IRS this year, you'll be more likely to want to procrastinate in order to delay the pain. But what's stopping you from getting your tax return done early and then waiting to send it in as the deadline nears?
If you're using a paid tax preparer to complete your return this year, you'll want to set up your appointment as soon as possible. You can bet that tax preparers' businesses are picking up at full speed, right about now. Now would also be a great time to start pulling your records together.
If you're using computer software like TurboTax or TaxCut you'll want to buy the software now or get around to installing it and downloading all of the updates. Ideally, you would have done this long ago, but if you haven't, there's no time like the present. You'll want to also check for updates again just before you finalize your return.
It's very easy to get an automatic extension to file your returns, but the IRS requires that you pay what you believe will be the full amount of your tax liability by the deadline. So, unless there are some other compelling circumstances that would require you to request an extension, my recommendation is to buck up and get your return in before the deadline. It will be a big weight off your shoulders to know that everything's been done.
Related topics on Taxes
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