00:03There are two things that you can guarantee in life is death and taxes.
00:07Tax time is going to happen every year, yet somehow we get caught off guard in the week
00:14of April 15th.
00:15We're running around trying to get our taxes filed.
00:22You could do everything correctly.
00:24Get your personal information ready, have your tax documents, even fill out the forms
00:29correctly.
00:30But if you fail to do this one thing, none of it matters.
00:34And that's filing your tax return by the April 15th tax deadline.
00:39Here with us today, we have our experts, Tanya and Melissa.
00:42Welcome ladies.
00:43Hello.
00:44Hi.
00:45All right.
00:45We have some taxpayer questions.
00:47So let's dive right into the first question from Joe.
00:51My name's Joe.
00:52I'm 32.
00:52My question is regarding tax deadlines.
00:55What deadlines should I be aware of?
00:57What are some important dates?
00:59I know I can make quarterly payments, but when are those due?
01:04Help.
01:05Please.
01:06Great questions from Joe.
01:08So lots of good questions.
01:11The important dates to know when filing your taxes are when your taxes are due.
01:15That is April 15th.
01:16If you are a corporation, it is March 15th.
01:20And if you file an extension, they are due by October 15th.
01:25Federally, you do April 15th, June 15th, September 15th, and then January 15th for the previous
01:33last four months.
01:34It is important to make those quarterly payments because it helps you get ahead of your tax bill.
01:40I mean, I was actually talking to Melissa about this, and I fell behind in my quarterly payments, and playing
01:46catch-up is really hard.
01:47Yeah.
01:47So that's the first thing is, like, get ahead of it, get on, like, get it on track immediately.
01:51Great.
01:52Valuable information, and it sounds like Joe has some exciting things to review.
01:55Yeah.
01:56So moving right along to our next question from April.
02:01Hello.
02:01I'm a new mom, and I've been really busy with child care recently, and I was just curious
02:13if I filed an extension this year, if I will get penalized for doing so.
02:18Great question, April, and I think this is one of those major life events where sometimes
02:23it may make sense to get the extension, so what do you have for her, Tanya?
02:27April is me.
02:28That happened to me.
02:29Last year, I had a baby, and I just could not get my act together when it came to my
02:35documents.
02:36There's all these emotions, and you're just trying to be a good parent.
02:38And so April is a good candidate for someone who's just like, you know what, I might not
02:42do this right.
02:43I might leave out something that's very important, or I might end up having to do this all over
02:47again if I do it in this mindset.
02:50So taking advantage of the extension would benefit her.
02:53Don't necessarily avoid filing your taxes altogether.
02:56Just give yourself more time if you need it.
03:00Anybody can file an extension.
03:01You just go onto the IRS.gov website.
03:04You can go online and file for an extension yourself, or you can get your tax preparer to
03:07file it for you.
03:08But you do have an extension, which means you give yourself a grace period until October
03:13to file your taxes.
03:14And so you didn't get them done by April, but you have April through October to get
03:19it together and hopefully get your taxes filed.
03:21Now, there is not an extension on that extension.
03:23You can't do that, but it does give you a little extra time.
03:29If you file for extension and you miss that deadline, you're going to get interest and
03:32penalties, especially if you owed money as it was.
03:34You already have been accruing interest and penalties.
03:37Just because you file an extension does not mean your taxes aren't due on tax day of April
03:4215th because they are.
03:43If you owe, you have to pay your taxes by that day.
03:46Otherwise, you're going to accrue interest and penalties.
03:49You can base it if you made about the same as you did the last year.
03:52You can pay taxes on that day.
03:54And if you overpay, then you'll just get it back in a refund.
03:57You can pay any kind of estimated payments on the same site for the feds and for the state.
04:02So you can choose to do that or you can just choose to not pay it and accrue the interest
04:06and penalties.
04:07And yes, you are going to pay penalties and there is going to be interest accrued.
04:11But sometimes I say peace of mind is worth that.
04:14You need to give yourself a peace of mind and a break and take care of yourself in a different
04:19way.
04:19So do what's best for you.
04:20April, you're doing good, girl.
04:21Yes, go get them.
04:22What if you happen to miss the tax deadline because you're out of the country?
04:26What would you advise her to do then?
04:28In all circumstances, if you owe money, you have to pay it by tax day.
04:33Otherwise, you will accrue interest and penalties.
04:35I think all too often we see people, they just don't do it because they're afraid.
04:39But don't avoid it because by avoiding filing your taxes or avoiding just kind of just diving
04:45in and speaking to someone about it or attempting to do it yourself, you find yourself in more trouble.
04:51It's very important just to remember every year, April 15th, if you're making income,
04:55you should know that it's tax time.
04:57Thank you so much for watching.
04:58I hope you learned a ton about the tax deadline, how to file an extension if you need it,
05:05and just all the different ins and outs of filing a tax return.
05:09And stay tuned and learn more about what to do once you've filed your tax return
05:14and if you owe the IRS some money or what to do with any tax refunds you may get.
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