If you have filed for an extension with the IRS, you must use your time effectively. The experienced tax professionals at Moskowitz, LLP can work with you on a strategy that can make filing your actual return easier.
Up to one out of every ten taxpayers requests an extension from the IRS to file their taxes. If you are one of these taxpayers, you will need to be organized enough to file your taxes by the revised October deadline. The fact that more time has passed increases the possibility that you may misplace records, making it even more crucial that you maintain your files in proper order.
Take control of your own situation early by making an appointment now with a tax professional at Moskowitz, LLP. Acting now can help you get ahead of the curve and take some of the stress out of extension season. Contact us at (888) TAX-DEAL (829-3325).
Recordkeeping Reduces Anxiety and Improves Your Tax Return
Your own personal goals during extension season are to file the most accurate return possible with as little stress as necessary with you paying the absolute least amount legally possible. For this, you need to have records at your fingertips to allow you to easily compile your return. Otherwise, you may end up scrambling as October 15th approaches with no assurances that your return will even be correct.
If you do not have your records in the necessary order, it increases the chances that you will make a mistake that can either cost you money or increase the possibility of an audit, and/or penalties with their accompanying interest.
At the same time, having the records that you need in an easily organized manner can give you greater peace of mind. Spending the effort to marshal your records as the deadline is winding down is certain to raise anyone’s blood pressure. The stress can cloud your judgment and cause you to make errors on your return when you file it. Having to take the time to get organized subtracts from the time that you have to actually work on your return.
What Recordkeeping Steps You Can Take Now
It makes sense to begin the process of organization now, even if you will not be filing your actual return for some time. For now, you should do the following:
- If you have paper records, get them all in one place and categorize them
- If you have electronic records, back them up and put them in one folder (further dividing them by subfolder based on the record)
- Identify any documents that you are missing and work to obtain them now
- Try to standardize your own process to the fullest extent possible
Any work that you do now can also help you for future year’s tax returns. When you improve your own organizational practices, it can carry forward, and make all returns easier and less taxing for you.
The best way to get organized for extension season is to not have to do the heavy lifting on your own. When you hire the experienced tax professionals at Moskowitz, LLP, we do the hard work for you. Of course, you will work with us to provide us your records, but we will oversee the process and prepare the return on your behalf.
Consider Acting Early to Prepare and File Your Return
Even though you may have until October 15th to file your taxes, you may not want to wait that long. Although your extension is not necessarily contingent on the fact that the IRS owes you money, there is certainly a chance that you may be getting a refund from the agency. If you owe the IRS money, the penalties and interests are increasing by the day, which means that you should not take all of the six months to file your return.
Contact a Tax Preparation Professional
Learn how the experienced tax preparation professionals at Moskowitz, LLP can make your life easier by scheduling an appointment to discuss your tax situation with us. You can message us online or call us today at (888) TAX-DEAL (829-3325).
