Financial analyst: File an extension, not a return
Apr 3, 2013, 5:00 AM | Updated: 10:38 am
PHOENIX — If you haven’t filed your taxes yet, one financial planner said that’s actually a good thing.
“Let April 15 come and go,” said Financial Planner Jason Vanclef, president and CEO of VFG Securities.
Vanclef said filing an extension provides peace of mind.
“1099s, partnership tax statements, come in late, they’ve become unreliable,” he said.
Another reason is the workload accountants and other tax professionals are carrying this time of year.
“From March to April, they are doing at least 50 returns a day,” said Vanclef. “Is that the really the state of mind of someone you want working on your return? We always suggest our clients to take a rough estimate of their income for the year, do a simple calculation, let your accountant know what that is, pay it and relax.”
Vanclef suggested returning at the later part of June, or first part of July when your accountant is refreshed, relaxed and has an open schedule. According to Vanclef, they are likely to focus 100 percent of their attention on you and less likely to make errors.
Finally, a theory floating around the financial industry suggests filing an extension is a great idea, if you want to avoid being audited.
“Just talking to hundreds of CPAs, it’s believed that IRS agents have quotas and they fill their quotas by April and they have potentially less incentive after that time,” Vanclef chuckled.
If you plan on filing an extension, do it by April 15. You’ll have six months to file.
