Why File Now If You Know You Are Going To Owe:
I always tell my clients, you can file your tax return at any time, and still pay later (April 18, 2022). It is better to understand how much you owe and why you owe early on, so you have time to save up what you owe. Knowing in February that you a couple of thousands of dollars is better than the day before taxes is due, and you don’t have the money and have to sign up for a payment agreement.
Once we figure out why you owe, we can come up with a plan, so you don’t owe the next year. Either by adjusting your W4, or better tracking your expenses or mileage, etc. whatever the reason of why you owe, we can come up with a plan, so you don’t moving forward.
We e-file the return in February, and you can send that check on the last day, just as long as it is postmarked April 18, 2022. Filing an extension won’t give you any grace for what you owe, just on the tax returns themselves. Better to be prepared than have a surprise that is not going to end well.
Speaking of being prepared, I offer to my clients a free review in the September/October timeframe. This will allow us to make sure you are having enough withheld out of your wages before it is too late. Just let us know what type of refund you were like, and we run an analysis based on last year’s taxes, and your current paystubs. Based on how you want the outcome, will determine on what needs to be done in the last quarter of the year.
If you would like to schedule an appointment to get your taxes done with us, you can go to our website www.pinabiz.com and schedule an appointment that fits your schedule.