WHAT’S THE BUZZ, TELL ME WHAT’S A HAPPENNIN’?

 

* Some timely and very, very important advice from my book THE JOY OF AVOIDING TAXES –
 
“If you owe money to your Uncle Sam it is very, very important that you get your tax return in the mail by the initial mid-April deadline  - or get your automatic extension application in the mail by the April deadline and the finished return in the mail by the mid-October deadline - even if you cannot pay all or any of the tax due on the return!  Send what you can with the return – but if you can’t send anything be sure to mail the return!  The same applies to your state income tax returns.
 
The IRS penalty for paying late is .5% (one half of one percent) of the tax due per month, or part thereof, until paid.  The penalty for filing late is 5% per month – 10 times as much!  States also have increased penalties for late filing.”     
 
* Russ Fox continued his countdown of “Bozo Tax Tips” at TAXABLE TALK.
 
* It seems each new BUZZ reports on some kind of tax relief for disaster or weather victims.  This week Jeff Stimpson reports “Weather victims in Tennessee get tax relief” at ACCOUNTING TODAY.
 
“Victims of storms in Tennessee now have until July 31 to file various federal individual and business tax returns and make tax payments. . . . Individuals and households that reside or have a business in Cannon, Hardeman, Hardin, Haywood, Lewis, Macon, McNairy, Rutherford, Tipton and Wayne Counties qualify for this relief.”
 
* Kay Bell gives us a primer on "Estimated taxes: Why, when, and how to pay them” at DON’T MESS WITH TAXES.

Kay reminds us – “Tax Day means double tax duty for millions of taxpayers. In addition to filing their annual return for last year's earnings, they also must make their first estimated tax payment for the current year. For 2023, these dual payments are due next week, on Tuesday, April 18.”

TTFN