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Your Tax Teacher Podcast2In this week’s episode 25, I discuss:

Federal Tax Update:

Another Trillion Dollar Tax Proposal

Extensions

Defense of Marriage Act Estate Supreme Court Case

International Tax Update:

Cyprus Banking Crisis

France proposes another 75% tax on high income wage earners

Russia said it won’t cover losses in Cyprus

In Depth Discussion:

6 things to consider when preparing your extension

Since we are down to less than two weeks to April 15th, now is the time to consider a tax extension, here are six items to consider when preparing your extension.

 

  1.  An extension to file is not an extension to pay.
  2. Determine why you need to file an extension.
  3. Calculate your tax liability, determine you prior year tax liability.  Do you need to make an estimated tax payment with your tax extension?
  4. Prepare the tax extension voucher and write a check for the payment if you owe.
  5. Extensions are due on or before April 15th.  Do not wait until the last minute to file your extension.
  6. Send the extension certified mail.

 

Are you filing an extension this year?  Do you always file an extension?

Have a tax question or comment about the podcast.  Send me an email to feedback@yourtaxteacher.com

http:www.yourtaxteacher.com

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