Time Is Running Out on April's Federal Tax Extensions

Time Is Running Out on April’s Federal Tax Extensions

August 19, 2020

If you requested a federal tax extension back in April, the time to file your taxes is almost here. You probably remember that the federal government and all state governments extended the initial deadline to July 15, 2020, which has long since come and gone. The 15 million people who requested a six-month extension now have until October 15, 2020 to submit their returns.

We know that hardly anyone enjoys filing taxes, but you also don’t want to get a penalty for failing to file. After October 15, there are no more extensions to be had, only increasingly expensive penalties. The longer you wait, the more likely you’ll see even more of your hard-earned cash go to the government. The time to get the best result from your income tax return in San Leandro, CA is now.

What to do if you haven’t started your taxes yet

Most people file for an extension because they don’t have all the necessary documentation, or their taxes were more complex than the average person’s. With the coronavirus pandemic sweeping across the nation, more people than ever have requested an extension in 2020. If that sounds like you, it’s time to get started.

Be aware that although you can get an extension to file your taxes (the October deadline), you should have already paid them by now—assuming that you expected to be liable for a tax bill. If not, talking to a professional is a must.

Depending on how simple or complex your taxes tend to be, you should consider hiring a professional to get the job done right—and make sure that they’re submitted on time. Should you go this route, make sure that you call the best income tax return preparers in the Castro Valley area today. As the deadline creeps up, tax professionals will be busier. You don’t want to encounter delays that could result in fines.

Advantages of using a professional tax preparation service

The biggest advantage of hiring a professional to prepare your taxes is, of course, the assurance that an expert will do the job right. The tax code is burdensome, complicated and often changes from year to year, making it impossible for laypeople to keep up with the new rules. Software like TurboTax can only go so far—if you have a more complicated tax situation, you’ll have to pay for a premium version and you’ll still have to do most of the work yourself.

Working with a CPA is the smartest way to file, especially when you’re up against an extension and the possibility of fines. Your CPA will prepare your tax forms and help make sure you get the maximum amount of deductions, credits and refunds that are legally available. Software is great, but nothing beats the personal attention of your own CPA.

As the deadline approaches, you will likely find it’s faster and easier and you’ll get a better outcome by hiring the best income tax return preparers in Hayward, CA. Menjivar & Company CPAs, Inc. takes pride in offering comprehensive tax services to our clients—call today to learn more.

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