Free to Choose… a Later Tax Filing Date

Ah, April. The weather is warming, the flowers are blooming, the trees are budding, and the looming specter of the income tax filing deadline is everywhere you look.

Tax Day is Monday, in case you forgot. At least, it is for most individuals and families. And while pretty much nobody likes filing their taxes with their state and federal governments, foregoing the process altogether can lead to unpleasant consequences.

If, for whatever reason, you need a little extra time to do your full filing, there is some good news. The IRS allows you to file for an extension if you feel you need it, which pushes the filing deadline back to October 15.

There are a few caveats—for example, April 15 is still the deadline for payments—but if you’re expecting a refund this year and just need more time to get all your documentation in order, it can be a good way to avoid having a chunk of that refund carved out for late penalties.

Of course, talk to a tax professional if you’re unsure if this is the best course of action for you or your family, but at least now you know it’s an option.

And if you’d like to know what Milton Friedman thought about different kinds of taxes, don’t worry—he can tell you.

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