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Thread: When is the best time to file taxes?

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    God/dess DonaDiabla's Avatar
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    Question When is the best time to file taxes?

    Hello everyone,

    I was wondering when is it the best time to file taxes? Usually, I file my taxes the last week of January or first week of February.

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    Default Re: When is the best time to file taxes?

    Quote Originally Posted by DonaDiabla View Post
    I was wondering when is it the best time to file taxes? Usually, I file my taxes the last week of January or first week of February.
    Are you getting money back or do you need to pay when you file?

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    God/dess DonaDiabla's Avatar
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    Default Re: When is the best time to file taxes?

    Hello No Regrets,
    I need to pay when I file

    Quote Originally Posted by NoRegrets View Post
    Are you getting money back or do you need to pay when you file?

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    Default Re: When is the best time to file taxes?

    Quote Originally Posted by DonaDiabla View Post
    Hello No Regrets,
    I need to pay when I file

    April 15. No brainer.

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    Default Re: When is the best time to file taxes?

    ^^^ This

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    Default Re: When is the best time to file taxes?

    Quote Originally Posted by DonaDiabla View Post
    Hello No Regrets,
    I need to pay when I file
    The longer you wait, the longer you can earn interest on your money.

    The longer you wait, the less likely you are to get audited.
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    Default Re: When is the best time to file taxes?

    fraud is way up sense last year. IRS encourages people with refunds to file early. I prefer to wait myself.

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    Default Re: When is the best time to file taxes?

    You file your tax in late Feberary. There are always some forms which can't be finalized by IRS until late Feberary.
    I like being alone, I just don't like being lonely.




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    Default Re: When is the best time to file taxes?

    If you owe you can file any time before April 18th this year and pay on Aptil 18th. You do not have to pay when you file as long as you pay by the tax due date. (Normally 4/15 but this year the date is 4/1.

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    Default Re: When is the best time to file taxes?

    4/15 falls on a Fri. this year, so that would be the filing and payment deadline, AFAIK. If you don't pay what you owe by the 15th, they'll charge you interest (currently 3% PA) plus penalty (about 6% PA) pro-rated, until you pay up. If you don't file your return timely, or request an extension till 10/15, by 4/15, the penalty charges are much worse. Depending on your state, there may be state filing and payment requirements as well, and penalties for missing the deadline. These (federal and state) charges are not deductible expenses, so the pain is worse.

    You can meet the filing/payment deadline by post-marking it by 4/15. Send it certified so you retain proof of the mailing date. I believe Fedex, UPS, etc. are accepted for proof of shipment date as well.

    I'm not a tax professional, this is just my own understanding of the rules. Please double check with your own adviser or other trusted source.

    Good luck.

    James

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    Default Re: When is the best time to file taxes?

    This year the tax filing deadline is Monday April 18th. The reason for the extension from Friday April 15 to Monday April 18 is because April 15 is Washington DC Emancipation day. A holiday in DC where there are a high number of government employees.

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    Default Re: When is the best time to file taxes?

    Thank you, Zerorg. I stand corrected. Those three days happen to be extremely helpful to me this year, for abstruse reasons.

    James

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