Tax Day 2022

You’re much better off extending than amending.

Nina Tross at the National Society of Tax Professionals, regarding the practicality of filing an extension for those who have paid their income taxes by Tax Day but have not yet finished filing their returns.

• Tross explained, “An extension is merely filing a return at a later date. If you rush through a return to get it out the door, and you have to amend it later, you’re more likely to get a double look from the IRS.”
• The IRS is facing its biggest backlog in history this year, with record low staffing numbers and 35.3 million returns currently waiting to be processed. The IRS also shared that every paper document that goes to the IRS is processed by a human, which can take more time than filing electronically.
• Why It Matters: Monday, April 18 is Tax Day — aka the final deadline for individual federal tax returns and tax payments. Taxpayers who do not meet the April 18 deadline can file for a six-month extension — though they are still required to pay, by the original deadline, an estimate of any taxes owed.

Tax Day laggards: Consider filing for extension if in a rush (Associated Press)