We have been spending the summer preparing for the upcoming tax season. Each year we see changes to tax law that increase the amount of time to complete each return. We also have many clients who don't receive all of their tax documents until mid-March or later. Since we have to assume an April 15 filing deadline, we have been reviewing our processes to determine the best way for our office to serve our clients within the current environment.
This year we found that filing extensions and steadily working on tax returns past the April deadline worked well. Looking forward to next tax season, we plan to begin filing extensions March 15. With this change, there are some things for you to keep in mind:
If you receive all of your tax documents prior to March 15, please drop off or upload your data as soon as it is available. Even if you anticipate a balance due, we can file your return in February or March and schedule the payment to occur April 15.
If your tax filing for 2022 will be substantially different from 2021 or you generally receive tax data after March 15 (such as K-1s or brokerage statements), we'd like to meet with you before year end to ensure that your tax payments cover your anticipated tax liability. Based on our meeting, we will recommend changes to your withholding or set up estimated payments. At the beginning of 2023, our office will file an extension for your 2022 tax return and complete your filing after April 15. Please contact us at 847-367-0888 or taxpreparation@kakenmaster.com to set up a meeting prior to the end of the year.
You should plan to have an extension filed for your return if any of your data is received by our office after March 15. The extension will extend the time to file your return until October 15, 2023, but does not extend the time to pay. Any interest or penalties assessed because of an underpayment are the responsibility of the taxpayer. Most returns on extension will be filed by June 15, 2023 and we will have appointment availability after April 15.