Wiles wrote:Ditto to those last 2 posts. It's 10-30 minutes per 1040 client making a mock up tax return to estimate the extension payment, calculate the estimated tax payments and then communicate with them. All of this is a waste of time.
I guess this probably just means I have too many clients...
This post will be unpopular, but this is one reason I'm not a huge fan of extensions. If I have to prepare the tax return anyway, just bang it out and deliver for review and signature. The extension often only adds to the time costs of preparing a return.
Obviously there are lots of reasons why it makes sense to extend. Im not denying that.
But from a business perspective, there's only so many you can do, extension or no extension.
As for the procrastinators, they are just going to exhibit the same behavior in September and October, and by then the stakes could be much higher, especially if they have any non us interests.
Our practice does not revolve around extensions so much.
We run a sprint, not a marathon, then we take lots of travel breaks and work 10-3 in the off-season - but of course that is just preference.