Monday, October 17, 2016


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.

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.

* 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.


(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?



 It’s that time of the year again –
time for year-end tax planning!
Only $3.00 sent as pdf email attachment
or $4.00 in print form send via postal mail.
Click here for more information.


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