It’s the final full week of tax season, and our Chino tax preparation office is hopping!
I’m still taking the time to step away for a moment and write to you, my friend (if you have all your papers in, and are waiting for our completion — fear not! My team is hard at work, as I type …).
This is often our busiest week of the year for Team Michael Lin (so please be understanding), but it’s also the week when we receive, with clockwork regularity, many questions about extensions.
But before I get there, a couple quick reminders about what ELSE the 15th means…
1) Tuesday, April 15 is the deadline to contribute to IRA’s, etc. in order to have them count on this year’s (2013) taxes.
2) It is also the deadline to claim the almost $800 million in unclaimed refunds for returns dating back to 2010. If you, for some reason, didn’t file for that year, you could be missing out. Call us for this special circumstance: 909-627-5927
(Or for any other question — but again, bear with us, as we are extremely busy!)
And one last thing: if you have filed your taxes with us already, and you had a good experience, would you…
A) Email me about it?
B) Share us on your Facebook wall…?
Join us on Facebook: Join us on Facebook: https://www.facebook.com/pages/KWL LLP dba Accountability-Tax/411698802223497
Here’s something you can say:
I had my taxes prepared by Michael Lin’s team, and had a great experience. They also just told me that they are willing to help procrastinators! So, if that’s you, give them a call at: 909-627-5927 and let them know I told you to call. Or you could do it tomorrow, of course 🙂
Or some such… thanks again!
Chino Tax Preparer On: Tax Extensions, Demystified
“Only undertake what you can do in an excellent fashion. There are no prizes for average performance.” – Brian Tracy
There is a lot of confusion in the Chino tax preparation orbit, every year, about extensions — so here’s what they’re REALLY about…
As you know, Tuesday, April 15th 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) Form 4868 (Automatic Extension of Time to File — http://www.irs.gov/pub/irs-pdf/f4868.pdf ) with the IRS by the end of the day on the 15th. This gives you an automatic six-month (until October 15, 2014) extension of time to file.
Here’s the deal: An “Extension of Time to File” is not an “Extension of Time to Pay”, unfortunately — except for certain cases (more on these in a moment). In normal circumstances, 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!
The exception to this rule is for:
1) Those affected by the Washington state flooding
2) Wage earners who have been unemployed at least thirty consecutive days during 2013 or in 2014 up to this year’s April 15 tax deadline; or
3) Self-employed individuals who experienced a 25 percent or greater reduction in business income in 2013 due to the economy.
So, if that’s you — let us know! We’ll get you payment relief.
For the rest of you, 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 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 15th), or you can call a specialized provider and pay by credit card. We can provide you with the appropriate number to call.
And it’s NOT TOO LATE!