How many of you are filing extensions this year? My wife and I have never had to file one before, but we'll have to this year. I had our LLC return about 75% done in Mid-March and then the phones started ringing off the hook and hasn't stopped yet. I would have done a poll on this, but I don't know how. Maybe some enterprising soul will start one on my behalf.
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always extend
I always file an extension on mine. I'm too busy doing my client's returns. -
I haven't' filed my personal or business return before October in over 30 years. And I don't intend to change that practice. Same for at least 25 of my clients."The only function of economic forecasting is to make astrology look respectful" - John Kenneth GalbraithComment
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I used to file on extension
But then I decided it was good therapy to do it early. I have an 1120S and a 1065 in addition to my 1040. It forces me to get everything caught up for year end so I can put off my bookkeeping till the end of April.In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
Alexis de TocquevilleComment
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In the past yes but not this year, I came first...
I had some hefty tax credits coming so I decided to get mine completed asap w/o teeing off any clients and man does it feel good. In past I either waited till the last days or filed an extension.Comment
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I used to get mine done in early february, but in the last few years have gotten tied up in one thing or another. Last year it was all done, but i just knew if I took the actual on the phone tax credit I'd get more..and since I had a big capital gain, i needed all the help I could get.
I think its ready to go; just needs a few tweaks (like I found out I could take LTC insurance as SE health) and the money is in the account to pay.Comment
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Me too
I for year have filed an extension, paid some money with the extension, and don't file usually until October.
I guess I will just continue that pattern, I have way too much to do for clients between now and April 15th. I am only thinking about how much I need to send with the extension payment. Besides that payment then gets credited into the 4/15/08 estimated which I also do not have time to prepare on my own return.
SandyComment
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Aw crap, I just got it done, and it got rejected. The file is so big it takes forever to open and create and save etc. And I thought I was done (with me at least..ignoring the pile of client extensions to do)Comment
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More Extensions
I almost always extend my own, and definitely this year. But, I need to file extensions for A LOT of clients. I'm glad to spread the work out more. But, I used to be with Block, so clients were trained to think they had to file by 15 April. Some are being very gracious, one I have to do complicated calculations to get him a good amount to send with extensions, and some just brought me their information too late to stand a chance of completing their returns by Tuesday. It's my first year on my own, today was the fourth funeral I attended during tax season, I changed software last minute so am slowly going up the learning curve, still training my family to stop bugging me when I'm in my home office, had a sinus infection, and everyone's returns keep getting more complicated. I love my new software and know next year will be more under my control. But, I'm going to spend all day Tuesday filing lots of extensions!Comment
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Like a plumber with a leaky sink...
Hubby is self-employed and just can't seem to get his paperwork in order until the last October minute, so we extend every year. I have to spend some bit of time scrounging around in his truck and out in the garage looking for receipts. He is one of my toughest clients
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Already filed
My husband would come in my office and sit at my desk and say "I'd like to get my taxes done." EVERYDAY.....once or twice a day. So I got it done in February.
I have about a dozen extensions. Some last minute clients with stock sales that their basis will take research so they will get extensions.
I have got a lot done this week though. I started the week a little (lot) stressed out about the week ahead, but it has gone better than I thought. Still have a lot to do this weekend.....only 4 days left.
Linda FComment
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My ex is on extension. I just efiled mine. now I have to write the check...OUCH!Comment
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Me
I don't know about the rest of you, but today, I've said prayers all day long, as I am under such pressure I've not been under before. I'm doing the best I can, which is all we can ask for, but today, I feel I need a divine spirit watching over me.
Not preaching to the board, just telling you about my day!
DennisComment
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Hallelujah!!
Done, Filed and Paid. I always do mine first as we have a c, an f, interest stock sales (sometimes), ssa and retirement. I do it on paper and mail it in so that I get a feel for where everything flows before I start doing my client's return thru Drake. Just a habit I have gotten into and probably will continue to do. I found that it gets harder for me to think about where everything "flows" if I do not do this.
I too am a sole practioner and in my 60s and a cancer patient. I am now old enough to take the clients I want and to turn down those I do not care to deal with. I have done roughly 200 individual returns, 25 corps and partnerships, got 12 extensions and have 2 gift tax returns to file so season was good. Would like to perhaps pick up another 50 or so personal returns but no biggy if I don't.
Have a young lady who posts my books, does my billing and assembles all the returns and does all the filing. Works like a charm (mostly!)
HOW DO YOU SPELL RELIEF?
A P R I L 15THComment
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