Wednesday, February 8, 2023
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Local Tax Expert Says No Rush To File Taxes Despite Common Beliefs

A flood of television advertisements to do your taxes may have you stressed, but one local tax expert recommends waiting a little bit longer.

Cookeville CPA Jennifer Phipps said the end of February or early March serves as the best time to file since most companies send out paperwork this month.

“I don’t necessarily think it is super critical unless you are one of those tax payers who absolutely wants your return filed as quickly as possible, but a common misconception that we see in practice is a lot of tax payers are afraid of an extension,” Phipps said.

Phipps said as long as you have your tax liability covered, you can feel confident in requesting more time. Phipps said use the additional weeks to compile your data and consult your tax preparer.

Phipps said you should spend this next month gathering documents like W-2s or 1099s. Phipps said waiting builds in some time for slow or misdirected mail as well.

The tax deadline for this year is April 18th. As for business owners, Phipps said you should have documentation for anything that costs your company such as equipment purchases or travel logs.