By: Julian Block Tax Planning Views: 1979 | Comments: 0 | Votes: 0
This year, the deadline for filing Form 1040 is Tuesday, April 17. The additional time is because the 15th falls on a Sunday and the 16th is a legal holiday in the District of Columbia. Miss the deadline and you could get nicked for a sizable, nondeductible penalty. The maximum penalty is 25 percent of the balance due. More
By: Julian Block Tax Planning Views: 2209 | Comments: 0 | Votes: 0
Many refund delays, time-consuming correspondence and audits are triggered by taxpayer carelessness. Here are some IRS reminders about items to check in advance of filing your return, along with some steps to take afterward. START WITH THE BASICSCheck the package of forms and schedules that came from the IRS. First read the instructions to make sure you have all the ones you need. More
By: Julian Block Tax Planning Views: 2204 | Comments: 0 | Votes: 0
You need no reminder to hold on to your tax records in case your returns are questioned by the Internal Revenue Service. But just how long do you need to save those old records that clutter up your closets and desk drawers? Unfortunately, there is no flat cutoff and the time limits go all over the lot. But wait! The audit, admonishes the IRS, can begin "at any time." More
