If you’re worried about getting your tax return filed and finalized with the April 15th deadline coming up, I’m going to give you some reasons you might want to rethink that decision.
Rethink Your Decision
Now, paying by April 15th is always a good idea. If you go beyond April 15th to pay on your taxes, you’ll have penalty and interest. So I’m not suggesting that you not pay your taxes, but what I’m suggesting is that you put those tax returns in the marinade and hold on to them without transmitting the final copy to the IRS until closer to the extended deadline in October.
New Facts about Filing the 1099-K
I’m going to give you a reason why I suggest that today. One more reason that just came about it is now the end of March, so less than a month from the filing deadline and the IRS has just come out with some new facts about filing the 1099-K.
We have another video about that if you wanna reference that, but that actually didn’t come out until mid-March of 2023, so less than a month under the belt.
For reference: 1099-K is the Tattle Tale of Personal Income
Now, if you’d received a 1099-K, but done what most people did when they said, “ah, I just sold my old refrigerator, that doesn’t count“. And through that by the wayside, the IRS is now telling you they have a new way. They want you to report that 1099-K so that you don’t get a notice later on, and the IRS doesn’t send you a bill.
No Guidance on New Rules and Regulation
So the IRS is now behind the eight ball a lot and is not able to issue guidance on new rules and regulations in a timely fashion to allow you to file your return by April 15th.
There are still rules that are being clarified and coming out well after the deadline.
So do yourself a favor, put that return in the marinade and extend it.
Wait; and if there are any other things that come about later on, you won’t need to file an amended return to make those adjustments. There could also be ways that you’ll save taxes that come out based on clarifications as well, so make sure that you’re able to take advantage of that.
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Donna Bordeaux, CPA with Campground Accounting
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA, as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.