TaxMamas TaxQuips

Today TaxMama® wants to help you with last minute issues on Tax Day 2014

 

Dear Family,

While most of the population has probably already filed their tax returns, there are people still needing to file – something. That usually includes those people who owe money, have businesses, complex investments, are dealing with disputes, and just plain procrastinators.

My first bit of advice is – don’t stress. It’s going to be all right. Whatever it is.

Next – don’t file your tax return today. Trying to finish up under pressure is a bad idea. You make mistakes; your tax pro might make mistakes. Most importantly, if there is something your tax pros could do to help you reduce your taxes, they will be too rushed to think about it. So you’re doing yourself a major disservice by filing at the last minute.

What to do instead? Get an extension, of course. This Equifax blog post will tell you how to get one for people. When it comes to partnerships, certain LLCs, and a variety of estates and trusts, use Form 7004. You don’t need to explain why you need it. You will get automatic approval. You can find corresponding tax forms for your state here.

Since you may need to pay a whole assortment of taxes today (IRS & State 2013, estimated taxes for 2014, IRA contributions, etc.), This MarketWatch article will explain what to do if you can’t afford to pay it all today.

These two articles will help you de-stress today and buy you enough time to get everything done correctly. But now that you’ve put it all of this off for so long, perhaps it is time to start really looking at your data and getting organized, so you can resolve the 2013 tax year by June, don’t you think?

Have a less taxing Tax Day – and go out and celebrate this afternoon.

And remember, you can find answers to all kinds of questions about last minute filing tips and other tax and business issues, free. Where? Where else? At www.TaxMama.com.

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