April 15th is here – it’s the day that most people dread. Whether you have filed your taxes or not at this point in time, you still dread it. If you haven’t begun preparing your taxes by today, you have two options.
1. How big is your return? If it a simple return (one or two W-2s), you may be able to prepare and e-file the return yourself.
2. File an extension.
If you are taking your return to a tax preparer today, you will need to file an extension. Tax preparers during the last few days before April 15th are preparing Federal and State extensions.
To calculate and prepare your extension, you need to know two things:
1. What you expect to owe?
2. How much have you paid in?
The difference between of what you expect to owe and what you’ve paid in determines if you owe an additional payment. If you owe, send in a check. An extension is not an extension to pay.
After today, we can all breathe a sigh of relief for a few months until the extension date pops back up on our calendar. If filing an extension, be prepared for lines at the post office tomorrow afternoon.
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