Individual Tax Returns on Extension Due Next Month

By
Services for Real Estate Pros with Richardson Accounting and Tax

Individual taxpayers that filed an extension have until next month to submit their tax return to the IRS. Anyone that has not filed should get their documentation ready and start the tax preparation process ASAP to avoid missing the deadline and incurring penalties and interest.

 

Try not to leave it until the last minute because that will only increase the chances of a rushed tax return with inaccuracies. Common examples include income left off of the return that have had information returns filed with the IRS. The IRS knows about this income. This can lead to an automated underreporter notice or a tax audit. 

 

You also want to leave enough time to gather your records if you have income and deductions for more complicated forms. Many taxpayers go into their tax preparer's office without deductions, only their income. They end up paying more taxes because they did not keep good records or did not take the time to find them before meeting with their tax preparer. This includes Schedule C (self-employment), Schedule A (itemized deductions) or Schedule E (rental real estate, partnership, S corporation, royalty, trust and estate income). 

 

So take some time, organize your records and get ready to file before the deadline.

 

Happy Labor Day.

 

Photo by Jon Tyson on Unsplash 

Posted by

Howard Richardson

Enrolled Agent

IRS and State Tax Representation

(213) 545-1799

howard@hrichtax.com

http://www.hrichtax.com

Comments (1)

Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI
HomeSmart Real Estate - Scottsdale, AZ
Arizona Homes and Land Group/ Buy or Sell

I was feeling good as Summer winds down and college football has filled Americas stadiums this past weekend. Everything was going good until this reminder coming around the corner. Seriously, thanks for the reminder with the worlds schedules all seemingly needing a recalibration. Jeff 😎

Sep 05, 2021 07:45 PM
Howard Richardson

Not to worry Jeff. You still have plenty of time to get your return completed on time. Have fun and enjoy the rest of your Labor Day weekend!

Sep 05, 2021 09:55 PM