Just discovered all my papers, neatly organized so that I would have mailed them months and months ago.
Good news: I don’t owe money, they owe me.
Bad news: ??? I don’t know how this works, I guess I just send them in? I’m going to research this shortly but was wondering if anyone knew the right way to go off the top of their heads.
If you are owed a refund it is no harm no foul. You have been giving the government a free loan on the money. Just go ahead and mail the return as is. You will probably not get the refund until the new year, so you won’t be able to (or have to) claim it as income on your 2006 state return.
Next year, assuming you file on time and are getting a refund again, you will have two refunds to track for the state return, which of course you don’t file until 2008, so don’t forget that!
www.irs.gov. See Internal Revenue Code section 6651, failure to timely file.
I worry not about it, I never do my taxes until Oct but of course I always get extensions.
http://www.irs.gov/businesses/small/article/0,,id=108327,00.html
I’m safe, since I was owed a refund evidently.
I worry not about it, I never do my taxes until Oct but of course I always get extensions.
getting extensions does not make you more likely to have an audit? i’m afraid of that…but every year i’m faced with a large tax bill, and the first quarter is typically one of my lowest. here it is about 5 months away (to April 15th) and i feel panicked already.
my CPA–who plays strictly to the rules, etc–discourages me from extenstions, he says it will make me more likely to get audited. i don’t know how true that is though. i feel he is just absolutely rigid.
I’ve had them look (by them the IRS) over my returns a few times more then usual. I think I get them in so late they are all bored. My envelope hits the bin and they all run over saying “look a tax return” and are calling “Mine” “no mine” “no it’s mine, hands off”.
ah, so if they go in late, it is more likely to get looked at. hmmm. well, maybe my CPA isn’t such a schmuck after all, lol.
**my CPA–who plays strictly to the rules, etc–discourages me from extenstions, he says it will make me more likely to get audited. i don’t know how true that is though. i feel he is just absolutely rigid. **
Kitty, that’s not true. The IRS selects taxpayers to audit based on what they call a “DIF score” which is a Differential calculation. They set certain paramaters for a specific deduction, and if you fall outside of that range, you will get selected.
For example, it you make $60,000 in wages, and have $30,000 in charitable contributions, you will likely fall outside of their range and you will have a high likelihood of being audited. The selection for audits is usually made a year or two after the filing year, and they don’t base it on when you file.
Your CPA is probably just encouraging you to file on time because it saves a lot of hassle. In our office we find that those who can’t file by April 15th, are also scrambling in October to file by the extended time. Some people just can’t meet deadlines.
Sure you forgot…you Bucknell people are always trying to pull a fast one!
;^)
I never could understand why people wait till the last minute to do their taxes. Especially if they’re due a refund. I mean, they OWE YOU MONEY. I’ve usually got mine done, or at least estimated, in Jan, and as soon as the W2 arrives in Feb, I hit the “submit” button. Now, if I owed them money, I’d probably still have them done in Feb, and just wait till 4/15 to push the button…
Aside from the hassle factor (really not all that bad these days with all the tax software and accountants and such), why would you let them hold on to your refund one day longer than absolutely necessary??
Extensions are only for time to file, not time to pay, so hopefully you are fully paid up by April 15th.
Oh, and next time WSL thinks its a good idea to try and hang with you in a race, kick him in the nuts for me.