Tuesday Tax Tips 4/2/13 @ 5pm

Andy Stadler appeared on Tuesday's Live @ 5 to discuss how to avoid April 15th mistakes and problems.

Don't Procrastinate any longer!! Resist the temptation to put off your taxes until literally the very last minute. Your haste to meet the filing deadline generally causes you to overlook tax credit and deductions.

If you Owe don't Panic!  If you can't immediately pay the taxes you owe, consider some stress-reducing alternatives.
-Loan from a local lender
-Pay with credit or debit card.
-Short term (less than 120 days) payment arrangement with IRS                                                                             
-Long term Installment agreement with IRS. 

Request an Extension of Time to File - But Pay on Time If the clock runs out, you can get an automatic six month extension of time to file to October 15. However, this extension of time to file does not give you more time to pay any taxes due. You will owe interest on any amount not paid by the April 15 deadline, plus a late payment penalty.  You must file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income. 

Possible Tax Penalties that you will have to pay if you don't file extension and/or pay by 15 April
1.    If you do not file by the deadline, you will have a failure-to-file penalty.
2.    If you do not pay by the due date, you will have a failure-to-pay penalty.
3.    Penalty for filing late can be as high as 25 percent.

In the past three years IRS has hired over 5000 new auditors and audits have increased over 3000%

Turbo Tax cost one taxpayer over $22,000.00 in refunds

A new client came to me needing help filing his tax returns.  He has been doing his own tax return using Turbo Tax for the past 10 years.  After reviewing his tax return I noticed several tax deductions and credits that were missing.  I asked him about it and he said "Turbo Tax never asked me those questions I did not know that I could write them off".  Turbo Tax is falsely advertised "FREE" and what you get is a rip off.  -- Lots of hidden cost.  Go to a Licensed professional and get your tax return reviewed, it could save you $22,000.00

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