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File Federal Income Taxes by July 15

Earlier this year, we mentioned that the federal income tax deadline was extended and that you needed to check your state deadline.

Like many other employers across the country, the IRS also scaled back operations, so they were unable to process tax returns and offer the phone assistance they had previously offered. But with the July 15 income tax deadline approaching, they are preparing to go through any backlog, as well as process new returns that come in this month. If you are hoping that rumors of further extension were true, you need to know that on June 29, the IRS announced there would not offer an additional extension.

If you were one of those people who felt you needed assistance to finish filing your taxes and could not visit a tax preparer because you were being cautious or because your tax preparer’s office was closed, contact local tax preparers to see if they are offering drop-off service. You may be able to confer with someone on the phone if needed rather than sitting across from them in an office

In “July 15 tax return deadline is right around the corner: What to knowMSN Money points out one advantage this year for those who hesitated: you may be getting a refund plus interest since the IRS will pay you interest owed between April 15 and the day your refund is issued.

The article also adds that  you may be able to get another extension: “It is still possible to file IRS Form 4868 on or before July 15 to receive an automatic extension until Oct. 15 to file your tax return. That’s an extension for filing a return, though. If you owe money, you would still need to pay what you owe by July 15 or be subject to penalties and interest. “

We recommend filing your taxes as soon as you can and working with a Fee-Only financial planner to get your finances and paperwork in order so you can be ahead of schedule for next year.