Due dates for Tax Returns
March 15: Due date for partnerships and S-Corporations
Long story short, there is no such thing as a “March 15 due date.” In our office, all tax returns get extended automatically to September 15, with no exceptions.
Let me repeat that: THERE IS NO MARCH 15 DUE DATE.
Not for returns, not for payments, not for anything.
April 15: Due date for personal returns and trusts
Long story short, there is no such thing as an “April 15 due date” for tax returns.
In our office, all tax returns get extended automatically to October 15*, with no exceptions.
*The extended due date for TRUSTS is September 30, not October 15.
Why do we do this?
Simple. An extension MIGHT help you, but it will NEVER hurt you, so we just go ahead and file them for every single person, every single year.
Let me repeat that: It will never hurt you (in any way, shape, form, or fashion) to file an extension.
So, no tax returns are due on April 15, no matter what you may have heard. Since the IRS does not give door prizes for filing early, you can take your time and gather all your information first.
Your tax return does not have to be filed QUICKLY. It has to be filed ACCURATELY and COMPLETELY. A GOOD tax return is better than a FAST tax return.
Q: But Derek, if you file an extension, doesn’t that increase your audit risk?
A: No, it doesn’t. That’s a lie straight from the pits of hell.
Q: “Doesn’t it look suspicious if you file an extension?”
A: No. Just… no.
Q: Doesn’t it reduce your refund if you file a tax return?
A: Again, no.
Q: Doesn’t it cost money to file an extension?
A: No.
Q: But won’t (__) know that I filed an extension? Will it disqualify me from ()?
A: No. Nobody will know except me, you, and the IRS. (And the IRS won’t care.)
Again – the extension will never hurt you, but it might help you. So let’s just go ahead and do it.
However – An extension extends the time to file, but not the time to pay. The payment is still due on April 15. We will talk about payments due on April 15 in our next newsletter. Stay tuned.
Start your tax savvy journey
Whether you’re ready to get started or have questions about our firm, we’re here to help.
Call Derek: (432) 687-0243
Email Derek: hello@basinwealth.com
