File Your Taxes Late- Reason #3

by Fern Alix LaRocca CFP® EA · 0 comments

File your taxes late? Yes, some tax rules are made to be broken. The rule I am talking about is filing your taxes by April 15th. Some people can prosper by not filing timely. Here is #3 of 3 of those situations:

1. Roth IRA Conversion

2. Multiple Roth IRA Conversions

3. Home buyers who haven’t completed their purchases but plan to take one of the two federal tax credits that they qualify for -one for first time buyers and the other for repeat buyers.

All taxpayers qualify for an automatic 6 month extension (From 4868) but it is not an extension of payment. If you owe tax and don’t pay it, the current rate of interest (4%) will be charged from April 15th till paid.

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