Last day to file TAX returns

[bobm]

Today is the last day to file your Federal Tax Returns . If you use a tax preparer, make sure he / she is competent and reliable. If you have to file an extention , you still have to pay about 90% of your estimated tax due. If you don't have enough $$$s you can pay it by credit card, loan, etc. to avoid pretty stiff penelaties + interest . If you owe $$$s you have the option to make installment payments on the tax due to the Government at a much lower interest rate than a bank or credit card loan .

 

[Smart Red]

That last sentence is good to know.

I just filed for an extension. Hopefully, I will finish the forms soon. It's hard to concentrate and do them correctly with a child tugging at you all day. This year (every other year I plan for itemizing) there is no tax due.

 

[baymule]

Thank you Bob for the cheery reminder! The IRS should put you on the payroll as Chief of Public Relations. Mine are already done and filed.

 

[Nyboy]

I wrote out my check last week. It hurt watching bank account plummet after.

 

[bobm]

Speaking of one's bank account plummeting. At a recent audit, a lady who is operating a large dog grooming + dog boarding + dog rescue business. She had gross receipts of way over $500,000, so after some creative and doubledipping "business deductions " she reported less than $10,000 as her total income for the past year. She was sent a tax bill of just under $200,000 and her tax preparer is now in receipt of a invitation letter to come and explain his tax return preparation business practices. Edited to add: NO , this is NOT about NYboy's tax return by any streatch of the immagination as the audited person is on the opposit end of the country.

 

[Nyboy]

I report every thing, I would rather err on over pay then under pay.

 

[baymule]

I report every thing, I would rather err on over pay then under pay.

Me too!