How (and When) to File an Income Tax Extension

April 10, 2012 Tax News 0 Comments Print this page Share

Due Date

The federal income tax returns are normally due on April 15th. This year, the 15th falls on a Sunday, so the due date should be Monday the 15th. However, Monday the 16th is Emancipation Day so the due date is Tuesday 17th. Some people aren't prepared to file. Others may be waiting for Form K-1's from their investments. Either way, if the return is not filed on … Continue reading »

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3 Reasons To File IRS Form 8938, Statement of Specified Foreign Assets

February 8, 2012 Tax News 2 Comments Print this page Share

1) You have a "Specified Foreign Financial Asset" which exceeds the filing requirements

Financial Assets that are subject to this form are: A Financial Account maintained by a foreign institution and the following assets not held in an account with a foreign institution:

* Stock or security issued by a foreign person

* Financial instrument where the issuer is not a U.S. Person 

* And any interest in a foreign … Continue reading »

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4 Ways to Help Your CPA and Reduce Your Taxes

December 20, 2011 Tax News 2 Comments Print this page Share

Here are 4 ways to Help Your CPA and Reduce Your Taxes:

1) Have a Year End Planning Meeting with Your CPA

This meeting can be in person or over the phone, it really doesn't matter.  The only thing that matters is that it happens.  Most individual income taxpayers are on the cash basis.  This means, with some limited exceptions, for a taxpayer to take advantage of … Continue reading »

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