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Tax

What to Do If You Haven’t Filed Your 2010 Return

The failure to file a federal tax return can be costly – whether you end up owing more or missing out on a refund.

There are several reasons taxpayers don’t file their taxes. Perhaps they didn’t know they were required to file. Maybe they just kept putting it off and simply forgot.

Whatever the reason, it’s best to file the return as soon as possible. If you need help, even with a late return, we are ready to assist you.

Here are some things to consider:

  • Failure to File Penalty. If you owe taxes, a delay in filing may result in a “failure to file” penalty, also known as the “late filing” penalty, and interest charges. The longer you delay, the more these charges grow.
  • Losing Your Refund. There is no penalty for failure to file if you are due a refund. However, you cannot obtain a refund without filing a tax return. If you wait too long to file, you may risk losing the refund altogether. The deadline for claiming refunds is three years after the original due date.
  • Earned Income Tax Credit. Individuals who are entitled to the Earned Income Tax Credit must file their return to claim the credit even if they are not otherwise required to file.

Whether you must file a tax return depends on a number of factors, including your filing status, age, and gross income.

Still need to file a tax return for 2010? Call us today. We can help you file your return and avoid additional fines and penalties.

Technology

Getting Your Business Organized Using Google Docs

Sometimes you come across information that awakens your thought process similar to how smelling salt awakens a KO’d fighter. That’s how I felt after reading the below article on ‘Getting Your Business Organized Using Google Docs’. I am a daily user of google products, so the information in the article is not necessarily new to me, its just some of he thought processes laid out in this article are fantastic… Making it a must read.

As a person with a educational and professional background in accounting I consider myself, and am considered by others, as an organized individual; someone who helps organizations in the process of establishing systems to keep them organized. Yet this article has rearranged my thinking as to the importance of cloud computing vs traditional file folder organization.

Here are some excerpts:

…’As Merrill writes, “the root of our problem is our brain; it’s simply not designed to deal with the competing demands of our time and attention in today’s fast-paced, information-saturated, hyper-linked world.” Every day, we are all becoming more and more overwhelmed by information. So cutting through that clutter becomes increasingly important.’…

…At any given moment, your brain can hold no more than 5 to 9 items at once in short-term memory, as Merrill notes in the book. As you need more space (when multitasking) and try to remember more, your brain pushes items into long-term memory, until they are needed again. That process is far from foolproof….

…“Because of all of that back and forth, it turns out empirically that you drop more information by multitasking than you do by working on tasks independently,” Merrill says. “So not only does multitasking make you more stressed, but it makes you less effective.”…

The full article can be found here:

http://www.inc.com/guides/201105/getting-your-business-organized-with-google.html

Tax

June Tax Calendar

June 1: Hurricane season starts today. After the devastating tornadoes so far this year, residents in potential hurricane paths know they need to be prepared, both for the potential storms and the subsequent financial chaos they can cause. And if you do suffer storm losses, the IRS might be able to help you recover.

June 6: Welcome to summer.  Get your home in energy efficient shape and save some tax dollars, too. And don’t forget about possible state-level tax benefits. They could help you get a double helping of energy tax savings.

June 10: Does your job include tips? If so and you received $20 in tips in May, use Form 4070 to report them today to your employer. 

June 14: Happy Flag Day. If you need to buy a banner to fly today, you might also get a tax break. Several states exempt the Stars and Stripes from sales tax. Check with your state’s tax department to see if you can save on your patriotic display. 

June 15: If you’re not paying your 2011 income tax through withholding, or will not pay enough tax during the year that way, your second installment of this year’s estimated tax payment is due today.

Also on June 15, if you’re a U.S. citizen or resident alien living and working outside the country or Puerto Rico or are on military duty abroad, today is your deadline to file Form 1040 and pay any tax, interest and penalties due. You can file for an extension, Form 4868, to give you until Oct. 17.

June 19: Happy Father’s Day!
Dad might not say so, but he appreciates being recognized, so take time today to let him know you care. If you also show your affection by providing for the bulk of dad’s living expenses (or mom’s, too, for that matter), be sure you claim him, her or both of them as dependents on your tax return.

June 25: Are you a June bride or bridegroom? Since the withholding rates are different for couples, both newlywed wives and husbands should file new W-4 forms at work to reflect their now-married tax status. Also, if the new missus changed her name, she needs to contact the Social Security Administration to make sure her tax ID number matches her new moniker. These tasks are just a couple of ways that marriage affects your taxes.

June 30: The year’s half over. 
It’s time to get rid of stuff you don’t need and give still usable items to your favorite charity.

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