Up-to-the-minute advice, information, resources, and, on occasion, commentary on federal and New Jersey state income taxes, and the various New Jersey property tax rebate programs, and insights and observations on tax policy and professional tax practice, by 40-year veteran tax professional Robert D Flach.
Monday, October 17, 2016
WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’
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.
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
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.”
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.