Today is the last day of the tax season for filing 2011 returns. TaxMama® would like to give you some last minute tips.
Dear Family,
Time is up.
Are you still sitting there waiting for someone to give you some promised numbers? Forget it. You’re not getting them in time.
Are you still trying to figure out how to report income you’re not used to receiving, or losses that confuse you? Time to [you know what] or get off the pot.
Yup. No more time for sweetness and light. Make decisions about how to file with whatever numbers and information you have. Whatever you do, file SOMETHING. Remember, you have 3 years to amend and make corrections once you have better information.
If you are estimating or guessing, be sure to file a paper tax return and include an explanation about what you’re guessing at and how you arrived at your guess. Just sound credible and act in good faith, you’ll be fine. By filing SOMETHING, you will avoid the 5% per month non-filing penalties – and the road to becoming a non-filer.
And if you cannot pay the taxes? Well, if you got one of those special extensions of time to pay last April – DO see if you can use a credit card of line of credit somewhere to pay those taxes. You will save a big chunk of penalties and the interest on the penalties.
If you simply cannot pay…it’s not the end of the world. Just send a little bit of money in with the return. Wait for the bill to come; then set up an installment agreement. You’ll be fine.
Really, the trick is, at this final deadline, to simply do something. So please, do!
And remember, you can find answers to all kinds of questions about tax deadlines, and other tax and business issues, free. Where? Where else? At www.TaxMama.com.
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