Today TaxMama wants to talk to you about the dreaded April 15th deadline.
Some folks have already filed. And are just sitting back fat and sassy, waiting for those Stimulus Rebates to come next month.
You’re not one of them, are you? You’re sitting there feeling pressured and stressed, just knowing you’re still missing so much, it’s just not possible to get it all together in time.
What’s the big deal?
Better you should get it right, than to file, just to meet the deadline.
After all, that’s what an extension is for.
Simply use Form 4868 to get an extension of time for your personal returns – and Form 7004 for your partnerships or LLCs filing as partnerships, trusts…or whatever. Or ask your tax professional to do it for you.
See how easy it is? The pressure’s off. You’ve just gotten six more months to finish up your bookkeeping, replace or reconstruct lost records…and maybe, just maybe take advantage of a few tax loopholes still available to you.
Of course, it wouldn’t hurt if you entered estimated numbers into your tax software to see if you’re going to owe money. After all, you’re not off the hook on paying – just on filing. So pay the projected balance due with the extension. Or be prepared to pay about 6% worth of interest and penalties when you file in October. This may be cheaper than your credit cards.
And remember, you can find answers to all kinds of questions about taking the pressure off and other tax issues, free. Where? Where else? At TaxMama.com[Note: If you were subscribed to the e-mailed TaxQuips, you’d be getting other exciting news and tips by e-mail, that never appear on the site. Please click on the subscribe link and join us.]
- Ask TaxMama :: Where taxes are fun and answers are free
- www.TaxQuips.com :: The number ONE free tax podcast online
- Form 4868 :: Personal – Automatic Extension of Time to File Tax Return
- Form 7004 :: Automatic Extension of Time to File Tax Return – everything else, almost
- TaxMama’s TaxWatch column :: Tips on how to pay if you don’t have money right now.