Last-Minute Tips ... October 15, 2004

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Tax Information With A Mother's Touch

Published by Eva Rosenberg, MBA, EA
Volume 6, Issue 279 October 15, 2004


	Housekeeping Notes
	Last Minute Tips
	A Reward For Those Who Have Filed
	Tax Pro Tips: Contribute
	Tax Pro Tips: Rich Tips
	Tax Pro Tips: Expat Tax
	Tax Pro Tips: Ask First




	Educators Should Save Receipts


	Apples and Wine

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Last-Minute Tax Tips

You STILL haven't finished your tax return, and you're not in a disaster area.

~~~ WHAT ARE YOUR OPTIONS?

1) Write to IRS, and postmark it TODAY (Oct 15) and beg for more time. Tell them why you need it. If you have a really good reason, you might just get up to 30 days more. But, don't count on it. Send the request to the same address where you send your tax returns. (Do I need to say, send it certified?)

2) You don't really have a good reason. You know IRS won't grant you a hardship extension. So? FILE THE STUPID RETURN ALREADY!

Yes, finish it. Even if you're missing numbers, whether it's income or expense you can't find - ESTIMATE THE NUMBERS.

Make a good-faith estimate of what you think the amounts should be. Write up an explanation of why you think these numbers are reasonable. Write a separate note for each area of the return where you are making estimates. Attach those explanations to your tax return.

But FINISH IT NOW.

If you're wrong, and IRS has the data from W-2s, 1099s, etc. you'll get a letter from them with the correct information in a few months.

If you're wrong and YOU get better information later, you have three years to amend (file a corrected) your tax return.

~~~ WHAT HAPPENS IF YOU DON'T FILE BY THE DEADLINE?

PENALTIES - 25% penalties for filing late. Plus any other penalties for negligence or errors. Plus interest on the taxes AND the penalties.

~~~ HOW CAN YOU FILE?

You have four choices:

1) Download forms from IRS and your state's tax forms sites. You'll find links in the left column on this page. Then do them by hand.

or

2) Run out to your local computer or office supply store and buy the IRS and state software. Turbo Tax and Tax Cut may still be on the shelves.

or

3) Run your stuff in to an H&R Block or Jackson-Hewitt office or look up tax preparer or accountant in your local Yellow Pages.

or

4) Go online and do it yourself. You can file electronically.

Whatever you do - FILE!

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