Four Things You Need to Know Before Filing Your Taxes This Year

Four Things You Need to Know Before Filing Your Taxes This Year

February 11, 2017

Goodbye holiday season and hello tax season! The days leading up to that mid-April deadline can be stressful, but take a breath, and check out these four need-to-knows before you file. You’ll be glad you did.

Know Your Dates

Let’s start with some great news – you’ll have three extra days to file your taxes this year! April 15 falls on a Saturday, and the following Monday is Emancipation Day in D.C., so this year’s filing deadline is Tuesday, April 18. If you’re not one to wait until the due date, the IRS begins accepting returns as early as January 23.

Business owners, keep in mind that corporate returns are due March 15, not April 18.

Extension to File, Not Extension to Pay

If you think you're going to owe money this year,  keep in mind that filing for an extension will only give you more time to file your return. The extension does not give you more time to pay. The tax is still due by the deadline, and you must pay it on time to avoid penalties. If you can’t pay by the deadline, file on time and request an installment agreement.  

Don’t File Too Soon

W-2s have to be mailed by January 31, but other documents like 1099-Bs might not be mailed until February 15, so if you sold stocks, etc., make sure to wait for all of the documents before filing. Otherwise, you'll likely have to amend your return later.

Consider Contributions

If you qualify, it might be a good idea to make IRA/Roth IRA contributions. You have until April 18 this year to contribute. Keep in mind that this is without extensions, so even if you're filing for an extension you still need to make the contribution by April 18.

Want More Advice?

Tax season can be frustrating, but I’m here to help if you’d like support through filing, setting up IRAs, or anything else I can do to help you as you work to make sound financial choices. Give me a call at (626) 529-8347 or shoot me an email, and let’s get started on achieving your financial goals together.

About Luis

Luis Rosa CFP® EA is a Financial Advisor with Haydel, Biel & Associates, an independent financial advisory firm serving individuals and families near Pasadena, California.has been in the financial services industry since he graduated college in 2001. Luis specializes in working with young up and coming professionals who are looking to better position themselves for a successful financial future. In addition to obtaining his securities registrations Series 6, 7, 63, and 66, Luis is also a CERTIFIED FINANCIAL PLANNER™ professional and is enrolled to practice before the IRS. This diverse industry knowledge allows him to best serve his clients by understanding how one financial decision affects the other, allowing him to better guide them toward achieving their goals. To meet and see how the HBA Wealth team may be able to help, contact them today at (626) 529-8347 or email Luis directly at