Monday is Tax Day; are you prepared?

Well, it’s that time of year again.

No, I’m not referring to spring, although based on some technicality, that would be true; and no, I’m not referring to Easter.

Monday is Tax Day — the deadline for which taxpayers must submit their returns or file to request an extension by.

An article by The Washington Post states that based on historic trends, the IRS can expect about 20 million people to file in the final days.

And is the post office staying open late on Monday, you may ask?

The Washington Post article says that some post offices do stay open past their regular hours on the day of the tax deadline to allow people to make sure that their returns are postmarked April 15. The IRS counts the return as on-time as long as the postmark is on or before the deadline. Because the vast majority of Americans e-file their returns rather than mail them in, though, you shouldn’t expect a line at the post office.

So if you have chosen procrastination in regard to your taxes this season, you may want to alter your plans this weekend. But beyond that, you shouldn’t live in fear.

“Taxes should not be scary, especially when you have a certified tax professional or someone who is your trusted adviser,” said Amber Kellogg, vice president of affiliate origination and management at business consultancy Occams Advisory, in an Associated Press article.

You may also want to check on legislation in your state. Because of some pending tax legislation in Congress this year, Mitch Gerstein, senior tax adviser at accounting firm Isdaner & Co., told the AP it might be a good idea to file for an extension. When you file an extension you still pay estimated taxes, but final paperwork isn’t due until September.

This gives your tax provider adequate time to file a return. And it’s cheaper to file an extension than an amended return, which costs more in administrative fees.

Also, you can visit www.irs.gov/wheres-my-refund to see the status of your refund once you’ve filed. If you filed your return online and you gave the IRS your bank account information for a direct deposit, your refund should be issued within three weeks of filing. If you filed on paper or if you’re waiting for a check in the mail instead of a direct deposit, it might take longer.


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