Missed the deadline? Here’s what to do.

Missed the deadline? Here’s what to do

William Perez, your Guide to Taxes
 
Sometimes a tax return doesn’t get filed by the the October 15th deadline. That doesn’t have to be the end of the world. When it comes to filing a return late, there’s a couple of handy rules I follow. (1) File as soon as you reasonably can. And (2) If you owe taxes, file sooner rather than later, and this will keep penalties lower than they would be if you wait to file.
 
 
The IRS adds late charges to tax returns filed after the deadline — but only if there’s a balance owed. If you’re return shows you are due a refund, then the IRS won’t tack on penalties or interest. But if there is an amount due, the IRS charges two types of penalties: one for not paying by April 15th, and another for not filing by either the April or October 15th deadlines (depending on whether you requested an extension). The IRS also adds interest to any unpaid balance. Penalties and interest can be minimized by filing your return sooner rather than later.  Read More

How to Avoid an IRS Audit: What You Need to Know to Defend Yourself

How to Avoid an IRS Audit: What You Need to Know to Defend Yourself

By Alan L. Olsen, CPA, MBA (tax) Managing Partner Greenstein, Rogoff, Olsen & Co.

Many people often ask the question, “What can I do to avoid an IRS Audit?” So how can you dodge the bullet during the auditing selection process? Although there is no way to completely avoid being selected for an IRS audit, there are steps you can take to minimize the likelihood.  Read More

5 Steps to Becoming a Millionaire

5 Steps to Becoming a Millionaire

by Alan L. Olsen, CPA, MBA (tax) Managing Partner Greenstein Rogoff Olsen & Co. LLP Updated: 8/17/12

In 2011, the number of households in the United States worth over $1 million was 8.6millionairemillion. Although the thought of acquiring a million dollars may be a whimsical fantasy for some, it is not out of reach. With careful saving and investing, becoming a millionaire is possible if you apply a 5 step plan involving the following areas:

  1. Health
  2. Spending
  3. Savings
  4. Investing
  5. Career

Click here for full info

Short sale tax provisions are ending this year

Short sale tax provisions are ending this year

Refer Dustin Miller, Coral Shores Realty

If you’re not familiar the Mortgage Forgiveness Debt Relief Act (MFDRA) of 2007, it wasforeclosure noticepassed by President Bush in December in an attempt to help homeowners who completed short sale transactions avoid a potentially hefty tax bill after the fact. It was one of the best pieces of legislation to help homeowners, in my opinion, and has helped many people significantly reduce any tax liability from a short sale.  Read More

 

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