But “don’t be afraid to file an extension if you are up against the tax filing deadline,” Wilton said. “It’s better to file an extension and make sure things are filed accurately.”
Bruce Primeau, a CPA and president at Summit Wealth Advocates in Prior Lake, Minn., tells clients not to finalize their return until March 15 at the earliest, “since many times custodians will be issuing amended 1099s throughout the first quarter."
Lawmakers can be another reason to wait before filing.
“The biggest challenge in my eyes is that Congress has the ability to go back and change the tax law for 2021. Remember the Sept. 13, 2021, deadline that was going to be imposed for long-term capital gains?” Primeau said. “My hope is 2021 is truly over and Congress will not make any retroactive changes to it.”