Tips to Lower April Stress Levels

April 2, 2019 by OSYB Staff

April can be stressful, so Don’t Mess with Taxes shares 5 tips to lower the boiling point:

1. File an extension,  the moment you know you are not going to be ready for April 15,  or if you live in Maine or Massachusetts, the 17th.  Filing Form 4868 by the April deadline gives you 6 more months to file, that means you have until October 15th to do so.
2. If you owe any 2018 taxes pay it.  The extension only gives you more time to fill out your Form 1040 and  whatever of the six new schedules you’ll need to complete the job.  If you owe taxes, with your extension request you need to send a good estimate of the amount owed.  If your payment is way below, the due amount you will be subject to penalties and interest that starts accruing the day after your filing deadline.  A poor estimate will be costly.
3. Don’t forget to make your first 2019 estimated tax payment.  Remember that the first of these for the current tax year (2019) is due on the same day (April 15 or 17) as your tax filing for the previous (2018) one.  If you make estimated taxes and they are late or not paid, you will have to pay interest and penalty charges.  Keep in mind that there aren’t any extensions for estimated taxes.
4. File your 2015 tax return: You read that date right. If you didn’t file your 2015 tax return back in 2016 and were due a refund back then, this is the last chance you’ll get to collect that money.  If you don’t file this month to get your old refund, the IRS gets to keep it forever.
5. Don’t forget your state taxes:  Most state tax forms follow the IRS schedule and are due on either April 15 or April 17 this year.  If you file for a federal extension and you need this information to file your state taxes, check with your state’s tax office on how to file for a state extension.

As with any important financial information, please contact your financial professional.

For more information:  5 Tax Moves to Make this April

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