I just filed my tax return. As usual, it was on extension. It took me longer to get it done this year than usual. I fell behind on record keeping when I was sick last year and it was easier to procrastinate since there was more work to do.
If your 2014 tax return has been filed, you are in good company and this post doesn’t apply to you. But if you filed an extension for your 2014 tax return last spring, time is running out. Wait, you say! You still have almost six weeks. You have plenty of time to get your return in to your preparer.
Please let me explain, in my office, six weeks in the spring is not the same as 6 weeks in the fall. In the spring, I can file an extension to buy you more time. Miss the October 15th deadline, the failure to file penalty clock starts. Next the returns that I have on extension are generally more complex returns and take more time to complete. I can do fewer returns in the same amount of office hours. Speaking of office hours, they are shorter and I’m spending less time in the office. I have other pulls on my time in the fall. I have continuing education to complete and I have outside projects happening so late nights aren’t an option. Wait too long to get your documents to me and you run a serious risk that I won’t be able to finish the return by October 15th. Don’t blame me, you’ve been warned. My life does not revolve around your tax return.
If you qualified for the advance premium tax credit for your insurance through a health insurance marketplace, you really need to get your 2014 tax return filed ASAP. You may have already received a letter from the IRS about this. If you don’t file a 2014 tax return with a Form 8962 attached reconciling the premium tax credit you received to what you actually qualified based on your 2014 income, you can lose the advance credit for 2016. No tax return, no credit. Sorry!
This is the time to get your 2014 tax return information to your tax pro so that they have plenty of time to prepare it. I will be the first to admit that every preparer is different and you may have someone who will gladly work late the first two weeks in October so you can continue to procrastinate. That someone is not me.