When to file your taxes

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 by April 17, 2018. The due date is April 17, because April 15 is a Sunday and the Emancipation Day holiday in the District of Columbia is observed on April 16—even if you do not live in the Disrict of Columbia.”

So if you owe money, you should plan to send it in April.  Personally, I like to mail mine on 4/15.  And in years like this one with special holidays that allow me to file on 4/16 or 4/17, I am certain to take advantage of that, too.  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