While taxes owed are always due on or before the filing date of April 15th, taxpayers have the option of filing a tax extension that effectively moves their filing date to October 15th. Is this ever a good thing to do? Sometimes the answer is yes.
Mike's weekly post usually concentrated on tax saving strategies.
While taxes owed are always due on or before the filing date of April 15th, taxpayers have the option of filing a tax extension that effectively moves their filing date to October 15th. Is this ever a good thing to do? Sometimes the answer is yes.
The California Franchise Tax Board (FTB) reminds income taxpayers to be wary of theft ploys involving scammers attempting to mimic the FTB to obtain access to personal information. The FTB has heard from taxpayers who received phone calls from scammers impersonating the Internal Revenue Service, telling the individuals that they owed taxes, and that if the taxes were not paid they would be arrested. These taxpayers were also told that the state of California would do the same.
Deduct those start-up costs NOW!
If you started a new business venture in 2013, you may be in line for a special tax break for entrepreneurs.
DO THIS: Realize a fast write-off for "start-up costs." Normally, these business-related costs must be amortized over time, but you can take a current deduction for up to $5,000 of the qualified expenses.
Too many taxpayers assume they are not required to file a tax return and end up losing a potential refund. To help ensure this does not happen to you, here are some common things to help you decide whether a review of your situation is in order.