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Thoughts On Taxes
publication date: Mar 11, 2011
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author/source: Chris Prang
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A friend sent this to me. Check the facts before you decide to follow any advice.
While the IRS would like you to think that April
15th is Dooms Day, nothing could be farther from the truth. If you expect a
refund you can file your taxes whenever it is convient for you. If you file
after 36 months, you may loose your refund though.
What the IRS wants by April 15th is money owed to
them. If you don't pay it by then, you will not be shot, your car will not be
towed away. You will simply be subject to penalties and interest. Not a big
deal. It happens in the best of families.
If you know that you owe money but can't fill out
your return by April 15th, and don't want to
incur penalties, simply put your name, address and Soc Sec number on a blank
1040 form, attach a check to it for a little more than you expect to owe and
send it to them. Then, when you have time to complete your return, do so, and
they will refund any overage.
You do not need to file an extension. It is a
waste of time and energy. What they want is money owed.
If you don't have the money owed by April 15th,
send your return and money as soon as possible so you minimize
penalties.
The key is don't get hyper. It really is not an
issue to get worked up over or run to the post office on April 15th. I know
from years of experience. You can maintain peace, which is vitally important.
They won't come and take your puppy.
By the way, the later you file, the less likely you
will be audited. They have a system, which kicks out 1out of every 100,000
returns, once they reach their number of returns to audit, they stop pulling
returns unless something raises a red flag, such as charitable giving of $10,000
on an income of $9,000.
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