Are your taxes done yet? They should be. However, let me rephrase the question. Are your taxes filed yet? The correct answer would be: no. Here’s why your taxes should not be filed yet:
Someone once told me that we should strive to owe money to the IRS. If you’re getting a refund, then you let Uncle Sam have an interest-free loan last year. So if you planned accordingly, you should owe the IRS money. Ideally, not a lot of money, but just a little.
When to file your taxes
According to the IRS instructions for Form 1040 booklet, taxpayers need to
“File Form 1040 or 1040-SR by April 15, 2021. If you file after this date, you may have to pay interest and penalties.”
So if you owe money, you’ll want to send it in before the deadline. Personally, I like to mail ours on the day it is due. And in years with special holidays or due date extensions, I am certain to take advantage of that extra time. After all, it’s your money.
P.S. This information is not meant to be financial advice. We are simply sharing information that has worked for our family. Please be sure to read our disclaimer statement. Click here