Working on tax returns is boring and regarded as a chore by most folks. Because of this, we tend to put it off until the eleventh hour. 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 liability is due in April, and you’ll have to send that in at a minimum. The returns themselves, however, are another story, and you can file an extension if you need more time to complete them.. This means you could get an automatic 6 month extension and have up until October to complete your tax returns. The way to request an extension is by filling out the IRS form 4868. Extensions are given out automatically to those who complete the form. Alternatively, you can use Turbotax to file your extension as well.
Lastly, you might find yourself using Turbotax to file amendments to previous tax returns. There can be many reasons why an amendment can be necessary, such as correcting previous errors. Even if you did not make an error, there will be times when you receive 1099s late or received modified W-2s, making the filing of an amendment necessary. Fortunately, amendments are pretty easy and straightforward to file. You can amend returns up to 3 years old. 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. If you already own Turbotax, you can generally submit an amended return using Turbotax free. Amended returns are only accepted in hard copy form, so you will have to print and mail them instead of filing them electronically. If you have a refund coming, you will usually receive it in about two or three months.
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Watch the video below for more information about filing taxes: