You Know Its the End of Tax Season When .....

Published on: 15:17PM Apr 13, 2018

Before I share today's post, I just want to let everyone know my wife and I are headed to South Africa for a photo safari at the end of this month.  We will be gone from April 22 to May 8.  I believe with have Internet access at the lodge we are staying at but I have promised my wife to take a true vacation.  Therefore, the postings over the next few weeks may be very spotty.  Now for our regular post.

We are rapidly approaching the end of tax season and thought I would share some of my thoughts on when I know it is nearing the end:

  • At the beginning of tax season, I wake up at 4 in the morning.  Right now I am waking up at 1:45 and even though I would like to get more sleep, it is off to work I go.
  • When I come home and say hi to my wife, she will talk to me for at least five minutes and I won't even hear a word she says (although she says that is normal after tax season too).
  • When you start dreaming about working on a tax return and you are not sure if it is a dream or not.
  • When you physically hit the wall and have to leave at 4  in the afternoon and go home and get some sleep.
  • When my I Phone, work phone, email and Instant Message all ring at the same time, you know it is the end of tax season.
  • When people ask me how I am doing, I tell them great even though it is likely not true.
  • When I tell people they owe $250,000 and are happy and when I tell people they are getting a refund for $50,000 and are sad.
  • When you divide the number of returns in the door with the days left in tax season and go Oh @#$&***.

We have five days left and I usually get a lot of work done on the weekend so I think I am good shape and even not, that is what extensions are for.  I personally have not filed a return by April 15 in over 30 years, so if you need an extension, it is not a big deal.  Just make sure to pay in the tax you think you owe.  If you don't the interest rate is currently 5% plus you will owe a late payment penalty of .5% per month late (assuming you have paid in less than 90% of this year's tax).  Remember an extension grants you extra time to file, not extra time to pay.  The extension gives you until October 15 to file.