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Filing taxes ahead of time could help avoid errors, collections

| Jun 22, 2020 | Federal And State Tax Collections |

For some New York residents, it can sometimes seem like tax season drags on. This year, that feeling is more of a reality because the tax filing deadline was extended. However, that deadline is coming up soon, and taxpayers will certainly want to ensure that they have their information and documentation in order to avoid issues that could lead to collections in the future.

The filing deadline was extended to July 15, which means that individuals have until that time to file their returns and pay any taxes owed. It is also important to note that self-employed individuals will need to have their first two quarterly tax payments completed by that date as well to avoid penalties. Understandably, extending the tax season by three months could be a reprieve for some parties, but if they forget to have their tax matters handled by that time, they could find themselves in hot water.

Of course, that does not mean that other extensions are not available. Some parties may still be unable to have their tax matters addressed by the deadline and can file for an extension. That extension would put their new deadline on Oct. 15. However, even with extensions, it is important not to leave tax matters until the last minute because complications and confusion could easily occur that lead to serious problems.

No one wants to face tax issues, but even with the provided extension and other extension options available, problems can easily crop up. In some cases, the mistakes related to a return could stem from an IRS error rather than a problem with the taxpayer, so in the event that New York residents face collections from the IRS, they may want to go over their information to determine whether they truly owe what the IRS is attempting to collect. In some cases, it may be prudent to speak with knowledgeable tax attorneys about such concerns.