The ability to concentrate and to use your time well is everything if you want to succeed in business–or almost anywhere else for that matter.
– Lee Iacocca
I’m writing this on Monday morning, the 11th, and our offices are buzzing!
Next Monday will be no different — it’s the federal deadline, after all, and we always get panicked phone calls from people on that day. There is still time for us to do an excellent job for you or for your friends, as of this writing, but the window is closing rapidly.
So, I have a solution for you in this week’s Post … but before I get to that, a couple quick points:
1) The averted government shutdown means that refunds will NOT be delayed — more than normal, that is. If you’re curious about the status of yours, go here:
2) Tomorrow (Tuesday) is "Tax Freedom Day", which is calculated each year by the non-partisan Tax Foundation (if the government *had* shut down, it would be even later!). Here’s that information, if you’re interested: http://www.taxfoundation.org/taxfreedomday/. One of the fun little facts:
Americans will pay more in taxes in 2011 than they will spend on groceries, clothing and shelter combined.
Which, of course, is why I and my staff are here: keeping your tax bill as low as legally and ethically possible.
And, of course, we can always do this …
"Real World" Personal Strategy
Let’s clear some things up with some facts about getting an "extension".
As you know, this upcoming Monday, April 18, is the filing deadline for a federal tax return. If you need more time to get your paperwork complete, you need to file (or have us file on your behalf) this form…
…with the IRS by the end of the day on the 18th. This gives you an automatic six-month (until October 17, 2011) extension of time to file.
Here’s the deal: An "Extension of Time to File" is not an "Extension of Time to Pay", unfortunately. The Extension simply gives you an automatic six months of additional time to get your paperwork together and file that return. But, if you owe more than what you paid with your estimate, you’ll be accumulating penalties and interest on the difference–so PLEASE don’t take the entire six months to do this!
So, when filing your "Extension of Time to File", you’ll need to estimate what you think you owe to the IRS. This should not be pulling numbers out of thin air (or other various body parts)! You’ll still need to go through your receipts and tax documents and get them "somewhat" organized.
From here, you can estimate both your income and your expenses, and then approximate what you owe Uncle Sam. Keep in mind that this is an ESTIMATE. And, you’ll have to pay what you estimate you owe at the time we file for the extension.
You can do this all electronically through our office, you can mail in the form WITH estimated payment (must be postmarked by the 18th), or you can call a specialized provider and pay by credit card. We can provide you with the appropriate number to call.
To You and Your Family’s Peace of Mind!