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March 17, 2004
Thirty days to filing deadline sounds like a
long time, but it is not.
My office can guarantee the deadline if I have
ALL your information two weeks before the deadline. As of this article, thirty
days has dropped to almost half -- 16 days. And if it took you awhile to read
this article, that could cut the time further.
Do you have everything you need? All the
documents and figures totaled? Is there usually something missing once you start
putting it together? Keep that in mind if you are normal and find something
missing at the last minute.
I have NEVER had to put ANYONE on extension due
to my schedule only. Even when I received information after March 30th I have
filed ALL returns received before April 15th. Of course, if a lot come in after
the 30th, I can make no promises and take clients on a first-come first-served
basis.
This year has a new twist that affects the last
minute tax filer. President Bush's lowering of tax on dividends that "qualify"
has created some confusion as to what "qualified really means." Most brokers
gave you notice that you may receive "corrected" information sometime in March.
The amount mayor may not be significant. It depends on the total dividends you
receive. Naturally, the higher the amount, the higher the potential difference.
This is not the year to take a chance.
In order to file an extension of time for
filing your tax return, you must know within 90% exactly what your tax totals,
what you have paid in and what you owe or have coming back to you. That means
that you have to basically prepare your tax return. You are ONLY RELIEVED FROM
FILLING OUT THE FORMS.
Then you need to pay any balance due.
Extension's are for "filing" your return,
They DO NOT extend the payment date.
If you owe more than 10% of your total tax when
you finally file your returns, two (and possibly three) things occur. First,
your originally filed extension is VOID and now you owe penalties for not filing
your return on time. Second, you owe penalties for not paying on time. AND a
possible third occurrence if the amount is great enough, you may owe penalties
for not having made estimated payments throughout the year.
That makes three possible penalties. And of
course, interest is added as well. Now that makes four additions for missing one
little thing. Do you really think-it's "little" now?
So get busy today.
Don't delay.
Call
or
Drop off as soon as possible and keep it small
and uncomplicated.
OH -- did I mention my fee? If I extend, I
basically prepare your return twice. Double the fee, double the joy for me.
248-541-2052
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