Catherine M. Censullo CPA
One Minute Tax Tip


Did you ever wait until the very last minute to do something that you should have planned for in advance and then regret it later?  One of those things could be filing your income taxes. 

Perhaps you have been really busy and did not get a chance to think about filing your income taxes.  You may have forgotten that the April 15th income tax deadline is right around the corner.

Maybe you have not had the time to put everything together to get your taxes filed, or perhaps you are still missing some K-1 statements that you will not receive until after April 15th. 

You may be thinking, as long as I file an extension, I will be OK until October 15th. 

That may be true if you have paid enough taxes during the year and do not owe anything to Uncle Sam and to your state taxing authorities. 

But suppose you did not pay enough, and you find out later that you owe money to the government.  You could be subject to interest and penalties when you pay that amount later on.

You should really try to estimate the amount due and pay that balance by April 15th to avoid paying interest and penalties on your tax amounts due.

And, if you want to make your life easier in the future, you might want to consider trying to project the changes to your income that will affect you in the current year and estimate how it will impact your current year tax liability.

So, if you need to file an extension, and haven't thought about whether you may owe money, now is the time to determine what you need to do.

If you need help, contact the office right away.  And if your situation has changed, think about doing a tax plan for next year.

The people who take that approach are always happy at the end of the year because they have planned for what needs to be done and don't get any surprises on April 15th.


Catherine M. Censullo, CPA

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