Friday, April 13, 2007

Last Minute Tax Tips

Yes, I do taxes for a living. Here’s a few last minute tips for you procrastinators out there.

  • Deadline is April 17 not April 16. Quirk in law gives you one extra day.
  • Request an extension if you still need one. You can get an automatic six month extension to October 15 by filing Form 4868. Do it by the April 17 deadline.


  • You can still do an IRA for last year. You need to do it by the deadline, though. The limit is $4,000. If you own a company you have more options, like a profit sharing plan.
  • Don’t forget your auto mileage deduction. For 2006 the rate is 44.5 cents per mile for business. This can really add up.
  • If you owe money, try to pay as much of it as possible. If you can’t, you may call the IRS and request a payment plan.

And if you still need help, get hold of me through my business web site.

Okay, that last sentence was a blatant advertisement. (Grin!)

Happy taxes!