Today is the deadline for filing extended
1040s. Your return must be postmarked today to be considered timely filed. The penalty for late paying is ½ of 1% (.5%)
of the balance due per month (now 6 months).
The penalty for late filing is 5% of the balance due per month – 10 times more! However the primary importance of this
deadline is for returns with a balance due.
There is no penalty or
interest charges if the IRS or your state owes you money.
* THE HILL reports “Obama signs Olympic medal tax-exemption bill” -
“President
Obama on Friday signed legislation to exempt from taxes the value of Olympic
and Paralympic medals and prize money from the U.S. Olympic Committee. The tax
exclusion does not apply for athletes with adjusted gross incomes of more than
$1 million.”
Bad tax policy!
* FYI – “From September 1 through October 31, 2016, the State of Arizona is
offering an opportunity for those who live, work, or do business in Arizona to
pay any back taxes owed to the state without penalty, interest or criminal
prosecution for those who qualify.”
Click here for more information on this
program.
* TaxGirl Kelly Phillips Erb tells us “IRS Announces Tax Relief For NC Victims Of Hurricane Matthew, More To Come”.
* I agree with Jorge Gomez who says “It is never too soon to start thinking about
tax preparation” in his post “The Dangers of Preparing Your Own Tax Return”
at the nicely named TAXBUZZ blog.
Jorge talks about the benefits of using a
tax professional to prepare your return.
In most cases, as he points out, “professional
tax preparers are constantly continuing to update their knowledge and education
of the law, studying the direct impact of how the tax code impacts individuals.”
The choice of an appropriate tax
professional is an important one. Not
everyone who says he is a tax professional is qualified, competent, or current
in 1040 preparation. You can begin your
search at my site FIND A TAX PROFESSIONAL.
Begin by reading the articles on the site.
As a point of information – I do not accept
any new clients.
* Speaking of looking for a tax
professional – also please read “How to Be a Better Client: Don’t Argue with My Advice” by Jason Dinesen at DINESEN TAX TIMES.
Be sure to read carefully, and follow, the
“things you can do to get off on the
right foot with the professional” at the end of the post.
And always remember
my absolute BEST tax advice - Do not accept tax advice from anyone other than
a professional tax preparer.
THE FINAL WORD
(1) To be honest, I had expected a lot more
“hate email” from Trump supporters in response to my constant anti-Trump tweets
and posts.
Here is a recent Trump-like tweet response
from an apparent misguided supporter –
“@rdftaxpro damn youre a light weight”
I actually now am a light weight – having
lost at least 90 lbs in 9 months in response to my diagnosis as a diabetic!
(2) I now realize why Despicable Donald
continues to run for President, and why he will never “pivot” and change his
tactics or comments. It is the rallies.
Being the ultimate narcissist Trump is
orgasmic at these rallies because he is the center of attention and his
deplorable fanatical followers cheer at his every nonsensical spewing.
Doesn’t the fool realize that if, God
forbid, he is elected the cheering will stop?
TTFN
It’s that time of the year again –
time for year-end
tax planning!
Check out my 2016
YEAR-END TAX PLANNING GUIDE
Only $3.00 sent as
pdf email attachment
or $4.00 in print
form send via postal mail.
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