This is
G&G Associates Tax & Financial Consulting
e-Newsletter
5 Last Minute Tax Tips
You Need to Know Right Now
G&G Readers,
The tax filing deadline is just days away, and if you haven't yet
filed your 2016 tax return, the finish line is looming just ahead.
As you crank through the things you need to do to get your returns
prepared and filed, it's essential not to lose sight of some key ideas
that smart taxpayers always keep in mind. By being aware of these simple rules, you can do your best
to pay as little tax as necessary and avoid unnecessary audit or other
risks.
1. Not filing a return at all is "NEVER" the right answer:
When facing an imminent deadline, more taxpayers than you would think
decide not to file a tax return at all. This is particularly the case if
you're strapped for cash and won't be able to pay any taxes that you
owe. The temptation to try to avoid the notice of the IRS can be almost
overwhelming.
However, you should always go ahead and file a
return, even if you can't pay the tax you owe. The penalties for not
filing a tax return are 10 times greater than those for filing but not
being able to pay the taxes due.
Go without filing your taxes for
more than four months, and you'll face a "failure to file" penalty of 25% of your
outstanding tax due -- along with interest on that balance. By filing or at minimum getting an extension,
you can avoid most of those penalties and put yourself in much better shape going forward.
For
INSTRUCTIONS on how to get your taxes prepared visit our website, click
on the "TAXES" tab, "Tax Consulting Forms" and then download the "Tax Preparation Worksheet (2016)."
If you need an EXTENSION filed, visit our website, click on the "TAXES" tab, "Tax Consulting Forms" and then download the "Tax Preparation Extension Worksheet," and send it in to us and we'll file your extension for you.
2. It's easy to get some extra time to file:
Just because you need to file eventually doesn't mean that you need to
be in a hurry to do so by the April 18 deadline. It's trivial to get an
automatic six-month extension of time to file your return. In fact, if
you go to this portion of the IRS website, you can electronically file
for that automatic exemption -- regardless of how high or low your
income is.
However, remember that an extension to file
"IS NOT" an
extension to pay. Late-payment penalties of 0.5% per month start
running after April 18 even if you don't have to file until October.
Therefore, if you expect to owe tax this year, you should make an
estimated payment with your extension request to get that balance paid
off and avoid unnecessary additional charges.
3. There's help available for many taxpayers:
With just days to go, it'll be hard to find a professional tax preparer
who can give you a last-minute appointment. But here at G&G Associates we have the experience to assist you with all your tax needs.
We
can service clients anywhere in the world and we look forward to
assisting you in getting your tax return prepared for the 2016 and
beyond tax season. (Referrals available upon request)
If
you are a returning client you'll get a 25% discount off your tax
preparation fees. If you are a new client you'll get $40 off our normal
fees. If you are active duty or retired military you'll get a 15%
discount. If you are a senior citizen (above 65) you'll get a 20%
discount.
At
G&G Associates, we GUARANTEE to beat "ANY" other tax professional’s
price. We take pride in not nickeling and diming our customers with
unnecessary charges & fees.
We are looking forward to doing business with you for the upcoming tax season.
For more information about G&G Associates, visit our website at www.gngnassociates.net
4. Take advantage of last-minute tax savings opportunities:
A few tax breaks are still available even as time runs out on the 2016
tax season. Contributing to a traditional IRA can help you reduce your
taxable income by as much as $5,500 for those younger than 50 or $6,500
for those 50 or older.
In addition, if you qualify for a health
savings account, you can make tax deductible contributions through the
April filing deadline as well. These vehicles let you make contributions
now that track back to the 2016 tax year, giving you one last
opportunity to cut your tax bill for the year.
5. Filing electronically has some key advantages:
If you want to be sure your return gets filed in a timely manner, it's
hard to beat electronic filing. You'll get an acknowledgment of receipt
from the IRS shortly after you file, and you won't have to worry about
whether the return gets through the mail properly.
In addition,
the IRS processes electronically filed returns more efficiently and
quickly, and refunds come more quickly. E-filing has gotten easier over
time, and it's becoming an even smarter move for those who expect money
back from the IRS.
So, it will be imperative that you have a "Tax Professional" and "not just a tax preparer" doing your taxes. Trust me folks, there is a BIG difference.
One of the benefits of being a client with G&G Associates is that you'll get a free 30 min pre-tax preparation session to make sure you are gathering your documents appropriately before you submit your documents for tax preparation.
So, contact us today to file you extension and/or schedule an appointment.
Visit our website for more information and free online webinar classes to help you make sure you are audit proofing your records, or contact us today to set your appointment if you need a “TAX” OR “FINANCIAL” one-on-one consultation.
Until the next time!
Tua (Thank You),
Asar Maa Ra Gray
Tax, Financial & Veteran Consultant
G&G Associates
757-271-6068 office
866-361-3872 toll free fax
www.gngassociates.net
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