Ready or Not: The Taxman Cometh

The late American essayist and psychologist Og Mandino is quoted as saying “There is an immeasurable distance between late and too late.” If you haven’t filed your 2014 taxes or filed for an extension by today, April 15, 2015, act now or it may be too late!

If you missed today’s deadline to file your taxes, you still have time to file an extension online. An extension actually pushes back your tax filing deadline from April 15 to October 15, 2015 — 6 whole months! However, extending your time to file does NOT extend your time to pay if you owe Uncle Sam.

To file an extension and estimate of how much you may owe, download Form 4868.

If you use TurboTax, you can complete the form online and send the payment with your Form. Otherwise, you can pay directly from your bank account or with a debit or credit card at IRS Direct Pay.

But what if you’re getting a refund? Do you still need to meet these deadlines? One of the IRS’s dirty little secrets is that if you have a refund coming then there is no penalty for missing the deadline, even if you don’t ask for an extension. The penalty for filing late is a percentage of the tax owed, and 100% of $0 is still $0. Before you relax, however, if you owe Ohio state tax, you must pay even with the extension.

What if you owe but can’t pay? You may be able to get a 6 month extension, but the rules are strict and the IRS requires some form of security like a bond or lien. Try to avoid this alternative if at all possible.

In closing, we’ll leave you with another quote, this time from the beloved Ben Franklin: “Life’s tragedy is that we get old too soon and wise too late.” Happy Tax Day.

April Fool’s Around the World

april FoolFor some reason, April Fool’s Day seems wonderfully American. Maybe because it gives us a chance to be silly right in the middle of a stressful tax season. Actually, no one is 100% certain of the day’s origins. From reported celebrations around the world, we thought we’d bring you a few of our favorites:

Carmel covered onions, food coloring in the cereal bowl, toothpaste in the Oreo, and more.
Visit April Fool’s Day in India »

Pizza beer, Qantas Airlines name change, and tidbits from elsewhere in the world. Great archives going back as far as 1500’s.
Visit April Fool’s Day in Canada »

elgooG, Simon Cowell Euro notes, funny door prank at Cambridge and a news story that the new Queensferry Crossing bridge will have a gap in the middle.
Visit April Fool’s Day in England »

Woman walks out of BMW dealership with a free $50,000 car in the world’s first Reverse April Fool’s Day joke.
Visit April Fool’s Day in New Zealand »

With fool’s day behind us and the April 15th tax deadline just around the corner, we’re enjoying the fruits of our labor. It’s been an intense time preparing our client’s for tax season and we look forward to a little slower place where we can pause long enough to enjoy the sweetness of spring.