Ryan Vaughn reminds you that the October 16 extension deadline for personal returns and C-corps only delays filing, not payment. Get your documents to your accountant now to avoid errors and rushed work.
The final extension deadline is almost here. So in case you aren't aware, the deadline to file S-corps, the extension deadline has already passed. So the final extension filing deadline for your personal return, or if you're a C-corporation, is October 16th. So quick side note, we get this question a lot and sometimes there's still confusion around it, so I want to make sure it's clear. The final deadline to pay taxes was back in April. The extension adds 6 months to filing the tax return. So basically the IRS is willing to put off doing the paperwork, but they want the money up front. Also, just some Friendly advice, don't wait until the last minute to file and pay. Obviously, if you're getting this now and you're past April 15th and you owe, we're well past the filing deadline. Your accountant might be asking you for documentation. Please be super prompt in getting them information back. They can't work on the return or finalize it if they're asking for a piece of information. They can't finish things up until they get that information. Just like we also try to be nice as accountants, be nice and respectful, give your accountant some grace. It is the end of a deadline, and at this point, frankly, at least from our firm's side, I don't know how other firms do it, not as well as us, of course, but we've sent out so many reminders to get us information. So really helpful, When the client doesn't make it seem like it's an emergency, since they have had 10 months to get information in. So give your accountant some grace. Also, just, you know, observation, if you wait till the last second and the accountant has to rush to get things done, the chances of a mistake happening are a lot higher than if more time is given because they can now just be a little bit calmer and work through it in the right amount of time instead of being rushed. Just like in other things, usually when we rush things, just the chances of mistakes are higher. Obviously, it's better to stay on the IRS's good side, so do what you can, file as soon as you can, pay if you owe as soon as you can, One thing to keep in mind as we're getting past the extension deadline, it's a great time to start thinking about year-end planning. Sitting down and taking time now to decide and figure out, are there things we can do and put into place that will lower your taxes for next year? So we have a tax— a year-end tax planning guide. There's 28 ideas in it. Feel free to look at the link below to download it. You'll probably get some great ideas to save you taxes, or at a minimum, if you have an accountant, give you some ideas to talk to your accountant about. So remember, the IRS sucks, and we're here to help you. Thanks, Ryan.
