Don’t Procrastinate, File Now to Prevent Tax Bill Overlap

With the new tax return deadline of July 15, 2020, many Americans felt relief and possibly pushed tax prep to the bottom of their to-do list. All week we’ve been sharing why waiting until July 15 may not be the decision for you, the taxpayer. Our final thought, April 15, 2021, is only nine months away from the new deadline, decreasing your timeline between tax bill deadlines.

With over 50% of Americans owing at tax time last year, there’s a possibility that you could owe additional taxes this year and next year. If you happen to owe both years, and you wait until July 15 to file and need to utilize an IRS payment plan to pay, you may be paying two tax bills simultaneously. Prepare now and prevent the financial stress of paying two bills at the same time.

Thinking about procrastinating on tax prep? Check out our other posts in this blog series to make the best choice for you. 

• Don’t Wait To Know What You Owe for Taxes (for information about tax bill payment plans, read this blog)
• Don’t Just Sit There! Start Getting More Tax Refund Now!
• File Taxes Now. Get Your Tax Refund When You Need It.
• Tax Filing. July 15th? Let’s Talk.

For a limited time, Profit Wise Accounting is offering payment plans and delayed payment options. Schedule your virtual consultation today!