Taxpayers who filed for an extension on their 2018 income tax returns should be getting ready to file their final returns. Individuals who submitted a timely extension request have until October 15, 2019, to submit their final returns. Partnerships and S corporations only have until September 16 to file. For most extended filers, it’s time to get those returns polished up.
Beat the rush.
The extended filing deadlines create miniature versions of the April 15 deadline for tax preparers. Waiting until the last minute to get returns together is a mistake. With time, a tax preparer can scour a taxpayer’s records for opportunities to take deductions, double and triple check calculations, and verify the accuracy of every part of a return before it gets submitted. A last-minute filing risks losing out on all of these benefits.
Second extensions are rare.
After the first extension is granted, very few taxpayers qualify for additional extensions. The IRS allows members of the military, individuals living abroad, and victims of qualified natural disasters to request an additional extension of time if circumstances warrant it. For the rest, September 15 or October 15 are hard deadlines.
What if there are still questions to resolve?
For taxpayers who are working through especially complex tax situations, even the extended deadlines can feel too soon. Bear in mind that a filed return can typically be amended up to three years from the date it was filed. The key is to provide the IRS with good faith, honest responses in the initial return, even if there are questions still open.
Give Ferguson Timar a call about your extended filing.
At Ferguson Timar we look forward to helping clients get their returns completed accurately and on time. Our team is standing by to help you work through your last-minute concerns, analyze deductions strategies, and meet your compliance obligations. Call us today at (714) 204-0100 or reach out through our contact page.