What to Do if You're Behind on Doing Your Taxes

Are you feeling the pressure of the approaching tax deadline and finding yourself behind on filing your taxes? Don't worry, you're not alone. In a recent episode of "Keep What You Earn," Shannon shared insightful advice on what to do if you find yourself in this situation.

Shannon begins by addressing the common scenarios that individuals who are behind on their taxes may encounter. Whether you've realized at the last minute that your taxes are due or if you've been waiting to hear from your accountant, there are specific steps you need to take.

First and foremost, Shannon emphasizes the importance of communication with your accountant. If you haven't heard from them, it's crucial to reach out and inquire about whether they have filed an extension for you. It's also vital to understand that an extension is an extension of paperwork, not payment. If you anticipate owing taxes, those are still due on the original deadline, regardless of the extension.

Shannon’s advice extends to making sure that you take ownership of the communication with your accountant. While they should be communicating with you, ultimately, it's your responsibility to ensure that your taxes are filed. If you're submitting documents to your accountant, displaying gratitude and empathy for their hard work during this busy period can go a long way.

Moreover, Shannon emphasizes the importance of being proactive and future-focused when it comes to getting your taxes in order. Instead of waiting until the last possible moment, making an appointment with your accountant and setting deadlines for when the taxes will be completed can help avoid prolonged stress and distractions from future business endeavors.

Shannon suggests plotting the date on the calendar by which your taxes will be completed. At her company, there is a policy not to perform taxes after June 30, underscoring the importance of staying forward-focused in your business endeavors.

Beyond the practical steps of filing an extension and organizing your documents, Shannon advocates showing appreciation for tax professionals, acknowledging the demanding workload they face during tax season. She points out that many of them work long hours and often go underappreciated for the work they do.

In addition to expressing gratitude, Shannon encourages sending something to aid in their self-care during busy season, recognizing the dedication and effort they put into their work. By adding a personal touch and acknowledging their hard work, it fosters a positive and supportive relationship with your tax professionals.

Wrapping up her advice, Shannon reminds listeners that staying organized and proactive in managing their taxes can lead to a smoother and less stressful process. She shares a preview of an upcoming episode where she will walk through how to read your tax return, offering practical and valuable information for listeners.

Ultimately, falling behind on taxes doesn't have to lead to panic or excessive stress. By following appropriate steps, maintaining open communication with your accountant, and showing appreciation for the hard work of tax professionals, it's possible to navigate the situation with greater ease and confidence.

In conclusion, if you're behind on your taxes, take a deep breath, follow the expert advice provided by Shannon, and remember to express gratitude to the professionals working hard to assist you. With the right approach, you can tackle the situation and get your tax affairs in order efficiently and effectively.

Stay tuned for the next episode where Shannon will guide you through reading your tax return for further insights and assistance in managing your taxes. Remember, you're not alone in this, and there's always support and advice available to help you keep what you earn.

What you'll hear in this episode:

05:27 Ensure clear communication with the accountant for tax filing.
07:42 Be grateful and consider accountants' busy schedules.
10:48 Tax deadline on Monday. Stay tuned for assistance.

If you like this episode, check out:

Are Quarterly Taxes Necessary For You?

Tax Implications of Digital Product Sales

How to Play in the Gray When it Comes to Your Taxes

Want to learn more so you can earn more?

Tax Deduction Guide: https://www.keepwhatyouearn.com/tax-deduction-guide

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Watch this episode and more here: https://www.youtube.com/channel/UCMlIuZsrllp1Uc_MlhriLvQ

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The information contained in this podcast is intended for educational purposes only and is not individual tax advice. Please consult a qualified professional before implementing anything you learn.