Need More Time to Do Taxes? Here’s What to Do
Taxes are due this coming Monday. Have you filed? Does this make you panic at all? You can actually file for an extension which gives you more time to figure out life (mainly taxes).
Real talk. I'm in this position right now. The thought of doing my taxes is completely overwhelming to me because I know that I have to gather everything then figure out what I'm doing - all while trying to fight the underlying stress of "Am I doing this right or will the IRS end up at my front door?"
I could take all my tax information to those people who sit inside the stores waiting to help the next person through or find my own accountant. Either way, I don't have the money to pay them to do my taxes knowing that I don't have a return with my name on it.
Plan B... or C... or, like, Plan M in my case. Turbo Tax.
I walked myself to Target with the Turbo Tax coupon all ready on my Cartwheel app and I got my own tax software.
I haven't even opened it.
Now I'm looking at an extension? Should I suck it up and take advantage of the free time I have (total of 6 hours spread across the week) or should I bite the bullet and file an extension?
I did the research and now I'll break it down. If you're in my same position, here's what we can do (according to TurboTax):
Unfortunately, this process does require a little organizing and prep. Sorry. I'm disappointed, too.
- Estimate Taxes Owed. Subtract the total tax withheld from your paycheck and your estimated tax payments from the amount of tax you owe. Dear IRS, if we knew this information, wouldn't this whole filing process be eliminated? There's also a simple way where you just click through and fill out information. You can get an estimate this way. It's called TaxCaster.
- Download Form 4868. This form lets you hold off six months.
- Complete Form 4868. This is for an automatic extension and requires minimal information. You will also have a choice of whether or not you are making an estimated tax payment.
- Mail the form. Sometimes this feels like the toughest part. Your envelope just has to be postmarked by the tax filing deadline which is April 18th.
No, this isn't a paid advertisement from TurboTax. They are literally the only company who would provide the information I needed to share with you (and me). It's crazy. I kept asking questions and was being told "we can't speak without approval from corporate". Agh!