Completing tax forms is dull and regarded as a necessary evil by most folks. For this reason, we tend to procrastinate until the very last minute. As much as possible, you want to budget time to complete your tax returns so you can submit them on time. April is the dreaded month for most of us, and we usually turn to tax filing services or tools like Turbotax to get our returns completed promptly. Despite this, there can be a number of cases when it makes sense to utilize tax service as well as software such as Turbotax outside the regular season for filing taxes. Some of the common reasons for this are reviewed below.
In all cases, your tax payment is due in mid-April, and you’ll have to send that in at the very least. But did you know that you can actually file an extension to submit your tax forms? . This means you could get an automatic 6 month extension and have up until October to complete your tax returns. In order to get an extension, you must complete an IRS form for Automatic Extension on the time to file your returns. Most software programs such as Turbotax will include the ability to file this form.
Lastly, you may find yourself using Turbotax to file amendments to previous tax returns. Amendments are a great way to correct mistakes that you may have made. Other times, you just might realize you forgot to include something like an additional deduction you overlooked. And of course, there are times when you will receive corrected W-2 statements or receive 1099s late. Whatever the case may be, amendments are made all the time to tax returns. In most cases, you can submit amendments up to 2 or 3 years after the original tax return was filed. If you have not used a tax service in the past, you may want them to review older returns to see if you overlooked any deductions. Amending returns can also be done using a Turbotax free edition, and is pretty easy to accomplish. At this time, it is not possible to e-file amendments. Therefore, you will need to print and mail them using regular mail. If you have a refund coming, you will usually receive it in about two or three months
For a full Turbotax review, visit Free Trial Spot.com.