Last year you worked your hardest, but unforeseen circumstances made your financial situation both complicated and fragile. When a situation like this occurs it can be difficult to plan for the future, especially when it comes to filing your personal taxes. The more complicated your situation becomes, the more time you may need to prepare to file them properly. With the addition of financial stresses and burdens, this can become a grueling and long process to go through.
Thankfully, if you are not able to reach a well rendered tax return file before the required date (April 15th, 2015), you can still file for an extension (Form 4868) on your personal taxes. This will allow you more time to get together the finances necessary and put together a thorough and honest account of your taxes from the prior year. In almost all cases, requesting an extension on your personal tax return file will give you an additional six months of time. This valuable period can be the key element that allows you to file your taxes in a legally sound manner that gives you the best value.
In order to file an extension, you will be required to have a viable general estimate of your taxes in the prior year. This point is extremely important because if you do not have this information you will likely be denied any extension outright. If you are denied an extension, you can be charged late filing penalties and interest that would add to your already existing financial crisis.
Even if you are ready to file a tax return on your personal taxes, an extension can come in handy. With the extra time to look over your past financial year, you can ensure that you are optimizing your return to benefit you to its fullest. Sitting down with a tax specialist can help you navigate the ins and outs of this sometimes confusing process. A professionally prepared return can give you enough value to help you pay off any fees you may obtain while giving you extra income on top of it.
Each person’s financial situation is different, so it is important that you seek professional help if at all possible. So many factors go into determining the benefits and deductions associated with personal taxes that it can be difficult to understand without the proper training. Consult a local CPA today to ensure you get the best out of your personal tax return filings and do not file them prematurely.