I’m happy to say that busy season is over, and although there are still more returns being prepared, I can finally sleep civilized hours again. The weather is getting a lot more pleasant and I’ll be firing up the grill real soon!
If you’ve already had your return prepared, great for you! If you haven’t get your materials to me as soon as possible so you can be enjoying your refunds or at least minimizing the late payment interest and penalties. Even if you think you don’t have the money to pay what you owe, it’s better to file and pay as much as you can rather than delaying the inevitable contact from the IRS or state tax agency, which is much more painful. Although I automatically file extensions for most of the clientele I haven’t yet heard from, an extension does not extend the time to pay the tax, it just prevents the IRS from imposing late filing penalties, equal to 5% of the amount you owe – if you are getting a refund, there are no such penalties. But if you are due a refund, you’d probably want the money in your pocket sooner rather than later. I hope to hear from all the stragglers soon!