Well, this is the time of year when I get a few panic calls about extended tax returns. If you have extended your individual tax return, Form 1040, then it is due by Oct 17, 2016. (Normally the 15th, but it falls on a Saturday this year.)
If you are one of those that is always afraid of your taxes, or the chronic procrastinator, I am here to tell you that you are causing yourself way too much pain and drama. There are typically a couple types of behaviors that set you up for anxiety around taxes.
1. You have a fear around money and instead you delay and avoid. (Consider this the head in the sand analogy). The best way to work through this is the actually get organized ahead of time, and do things on time, not extended. Then, you actually have your information as you go and the fear tends to dissipate. However, this is usually something that people need to get help with, so use your tax preparer and bookkeeper to your advantage.
2. Cronic procastinator. If you fall into this, you probably are comfortable with lateness and having to scramble at the last minute. This one can be minimized by staying organized, being on time or ahead of time, but most importantly it is a mind set change. This type enjoys the drama of the lateness and the added pressure. So, if you are this type, either change your mindset, or your expectations. Other people, especially your tax prepares are the extact opposite and they are running a business. Please don't expect them to be extra accomodating when you decide, 5 days before the deadlines, that now you can work with them. If you do, and they do, then expect to pay more for the additional time and aggravation that you are causing. Blunt talk, I know, but you need to hear it.
3. You say that you didn't know. Well, lack of knowledge is typical, but with all of the advertising that the big tax preparers invest in all types of media, is not a good excuse. You have chosen to be unaware and you are still required to play by the rules.
I know that this may be considered a bit harsh. It might be. But, if you fall into these categories, you need to hear it. There are ways to correct these behavours and reduce your anxiety, and the extra stress you create for your tax preparers. But, it is too late for that this year.
If you are ready to take the steps to change for next year, then talk to your preparer and tell them that you want to change. Ask them for help and support through the year so that they are guiding you through the process. Once you have then as a partner, you will have an easier time and so will everyone else around you.
End of my rant.