[…] However, the IRS will NOT remove interest on the past-the-deadline payments. This is because the tax law specifically prohibits waiving interest under any circumstances. So, even with the expected extensions, the sooner you pay – the less you pay! […]
Selecting the right tax advisor is no different from picking a dentist, plumber, or auto mechanic. You entrust an important part of your life to somebody who you are comfortable with, and who (hopefully) knows what he or she is doing. There is no fail-proof way to ensure good service up front, no matter how …
IRS audits (officially called examinations) is a popular horror-story topic. While it’s true that they are far from pleasant experiences, there’s no reason to lose your sleep – even if you are targeted. It’s likely going to cost you some money, time, and nerves, but it’s not a life-threatening situation. In fact, some people end …
If you ever received one, you know the feeling: creepy! Many clients bring me those letters unopened – as if they expect some deadly white powder inside. Here is the right procedure: put the envelope on your desk, wait until your pulse comes down to under 200 beats per second, and then – slowly – …
Remember that goofy song? “Who’s afraid of the big bad wolf, the big bad wolf, the big bad wolf…” Now, substitute the IRS for the wolf and see how long it will take to get that tune out of your head. Was it tough to get rid of the annoying song? Trust me: it is …
[…] November 2nd is still very close, and if you plan to wait until Halloween – you will be on your own. All good accountants will be swamped. In our firm, Monday October 5th will be the cutoff deadline […]
[…] How unhappy? $20,028 unhappy. Because this is how much taxes a single person will owe on $70,000 self-employment income earned in 2014. Yes, between Federal income tax, Social Security tax and Medicare tax […]
[…] The very unfortunate result of this breach is that the IRS shut down their online Transcript download system indefinitely, until they can figure out how to make it more secure… If you need transcripts, you have to order them the old-fashioned way […]
[…] I just outlined 7 different deadlines, and each of them has its own rules when it comes to extensions. Paying 2014 taxes – you cannot get this deadline extended! From April 16, you start accruing penalties and interest, extension or not. However, […]
[…] this assumes that the IRS has your correct mailing address on file. Otherwise, after a few failed attempts to reach you by mail, they will try to call you – if they have your phone numbers, of course […]
