Should you Pay Taxes Now or Later

Описание: In this video, we’re going to talk about if you should pay your taxes now or later because the IRS issued an extension.

1. Taxes Information and Deadlines
Because of everything going on right now
Every single Tax Payer got an extension for free
Meaning you don’t have to file by April 15th, now have until July 15th according to the IRS without any penalties

Why This is Good:
It means that if you have a Big tax Liability every year, then you can postpone it, till later while you get everything else in order
But again do not confuse postponing something with a free tax year, you will still have to taxes
So don’t blow all the tax money

Question: But why would the government just give us the Year Off, because they make around 4.6 trillion dollars annual from income tax and payroll tax, that’s why.

2. Benefits OF Paying taxes Now
Well like I said before, tax season is like Christmas to a lot of people
A lot of people get a refund and they spend it on a tv or a vacation
But… these days you might have to spend it on food and make sure you don’t fall way to behind on the bills

So For example Benefits:
They are still giving out refunds, so the faster you file, the faster you will get your refund
If you want the stimulus check and you qualify, then filing now means they’ll use the last year 2019 information to qualify you.

Tip: If you need the cash asap, then make sure to file now and online instead of by mail, so they can process everything much faster.
3. Why Pay Later
Well if you owe money, and you can postpone it for free, then it’s a good idea
But that’s not all

Benefits:
You can use your tax money to invest it safely
Or to build up your emergency fund
Or just hold it in cash until this blows over

Tip: The point is, you can keep that money on hand if theirs no need to give it up yet.

4. How to File
It's very easy, and you don’t need to get a bachelors degree like I did
If you don’t have a business, and you have one job and that’s about it
Then you use Turbo Tax or 1800 Account for more business use.

Tip: start with the free edition and don’t pay extra for auditing and everything else, you probably will not need it.
Turbo Tax: https://fbuy.io/k8a8d6zu

Tip: don’t fall for all the upselling.
1800 Accountant: https://1800accountant.com/

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Disclosure & Educational Disclaimer:
Some links in this video may be affiliate links, and I may earn a commission. Content is educational and accurate as of posting; offers may change. I’m an accountant but not your accountant; always consult your own accountant/CPA or financial advisor. No income or results are guaranteed.