As the April 15th tax return filing deadline looms nearer, Keith Hall, the president and CEO of the National Association for the Self-Employed (NASE), the foremost advocate and support system for self-employed individuals and micro-business owners, shared advice today for those who haven’t yet filed their 2023 tax returns.
If you haven’t filed your taxes yet, you are not alone! About 25% of people don’t feel like they’re ready to file their taxes, and about 29% of U.S. citizens say they’re actively procrastinating on getting their filings done.
While you should always aim to file your taxes on time, there are some things to do if you haven’t had the time to do so yet.
File an Extension
“For those of you who have already filed, you are ahead of the game and will get any owed refunds back quickly. For those of you who have yet to file, now is the time to complete your returns and file them with the IRS over the weekend to meet the Monday, April 15th deadline by midnight,” said Keith Hall, president and CEO of the National Association for the Self-Employed (NASE), the nation’s leading advocate and resource for the self-employed and micro-businesses.
“If you still need more time to gather your documents, review tax policies, and file your return, you should immediately file for an extension, which will allow you more time to finalize and submit your return without incurring a penalty. Remember that the extension is for more time to file and not more time to pay. If you expect you will owe something to the IRS, make a quick guess and send that with your extension.”
In a guest commentary opinion piece for Inc.com, Hall outlines strategies and new policy updates to the tax code that all Americans –and small business owners –can take advantage of in saving time and money – and file beneficial returns –as part of this tax return filing season. In the piece, he writes:
“With new entrepreneurs filing returns as small business owners for the first time, many may not be aware of the benefits afforded to them since they’ll be filing at the individual rate like the majority of Americans. These small business owners are uniquely positioned to take advantage of the tax policy available to them at the individual rate, while also benefiting from policies available to small business owners.
“The Internal Revenue Service updates the tax code each year with relevant changes impacting a filer’s tax return and bottom line. These updates, along with key policy advancements like the home office standard deduction, are designed to save both time and money.”