Friday, April 18, 2014

Filing An Extension



Earlier this year, I promised myself that I would file my income tax returns on time. Then, with a blink of an eye, it was April 15th, and yes, you guessed it, I was not ready to file my returns. Although I had good intentions, life got in the way. Unfortunately, during the past year, I encountered several unexpected family emergencies -- dealing with these situations became my top priority and everything else was placed on the "back burner."  So, on April 15th, I begrudgingly filed my federal and state income tax extensions.

After filing my extensions, I went out for a run and started thinking...  It occurred to me that filing a tax extension is very much like deferring a big race entry to the following year.  There have been times when I have signed up for a big race and then, regretfully, have had to defer -- this typically happens when I am either too injured or overextended in some area or areas of my life and therefore, unable to put in the proper training.  It is important to know when to race and when to back off even if you have already paid your entry fee.  Just because you choose not to participate in a race this year does not mean that you will never run that race -- sometimes, it is just wiser to wait for the right time.  It is a judgement call and you are the only one who can make the call.