Did you request a 6 month extension for your personal taxes?
The tax deadline of October 15 is fast approaching!
The personal tax extension deadline to file a 2014 calendar year income tax return (Forms 1040, 1040A and 1040EZ) is October 15. This means there is no time to waste on preparing and filing your 2014 U.S. income tax return!
Form 1040 is the long form with 14 schedules used for individuals with more complex tax situations such small business income, deductions, investments, and so on. 1040A is the short form and is limited to taxpayers with taxable income below $100,000 who take the standard deduction instead of itemizing deduction and 1040EZ is limited to taxpayers with taxable income below $100,000 (as of tax year 2011) who take the standard deduction instead of itemizing deductions and have no dependents.
Personal taxes can be difficult to figure out especially if you are itemizing deductions, have investment income or a small business just to name a few. A tax expert can prove to be especially helpful in these cases because incorrectly filing your return can have serious tax penalties. The mere fact that an extension is needed is a sign that a tax professional is needed.
If you did not file for the six month extension or if you have not filed previous years you should contact us immediately as there may be penalties for non-payment of taxes due. We can help you if you owe money to the IRS. The IRS charges interest on all payment plan installments which means you end up paying more in the long run so you want to keep the number of payments to a minimum.
The most important thing to remember is not to panic and having a tax expert look over and prepare and file your return is the easiest way to do this. Being behind on your taxes can be very stressful which increases the chances of making mistakes so it’s best to leave the preparation and filing to a professional.
If you are ready to hire a professional Tax expert to help you prepare and file your taxes, contact us and we will assist you.
Marc Enzi CFP®, EA