A Procrastinator's Guide To Filing Taxes

THE PROCRASTINATOR'S GUIDE TO FILING INCOME, TAXES START HERE BECAUSE TIME SPENT READING THIS . IS TIME NOT SPENT DOING YOUR TAXES! YUP HAVE YOU FILED YOUR TAXES YET? NOPE ARE YOU TIRED OF BEING ASKED THAT QUESTION? NOT YET THIS INFOGRAPHIC IS NOT FOR YOU. YOU ARE, HOWEVER, WELCOME TO READ IT. YOU CAN ALSO ENJOY THIS DRAWING OF A RABBIT. ARE YOU WILLING TO DO SOMETHING ABOUT IT? I SURE AM NEVER YES, LET'S GET STARTED! BWAHAHA! IS ALL OF YOUR TAX PAPERWORK READY TO GO? YES IN A BOX DO YOU KNOW WHAT PAPERWORK YOU NEED? YES IN A FOLDER Last Year's Tax Return (Federal & State) Original W-2s, 1099s, 1098s, and K-1s (Make copies for your records) ONLINE Birthdates and Social Securitų #s for you, your spouse & dependents If you pay for Child care, have Social Security or EIN numbers for all child care providers. along with records of amounts paid NO If you invested, you'll need your broker's year-end tax report. If you sold shares of stock or mutual funds, have dates, # of shares, purchase price, fees & commissions paid ready. WHERE DO YOU KEEP RECEIPTS? If you earned interest at a bank or credit union, have that info handų as well. Any charitible contributions of items or money? Have the receipts and statements. HERE'S A LIST Did you own, buy or sell a home in 2011? You'N need the interest statement. settlement or closing statements & receipts for real estate taxes paid. Are you self-employed? Have rental income? You need a detailed lists of income & expenses HOW ARE YOU PLANNING TO FILE YOUR TAXES? 30.6% DobeGa4% I'LL DO IT MYSELF, NATURALLY I'LL HIRE A PROFESSIONAL TAX SERVICE OR ACCOUNTANT 23 HOURS $200 AVERAGE TIME SPENT BY TAXPAYERS TO FILE INCOME TAXES AVG. COST TO HAVE A PROFESSIONAL PREPARE YOUR TAXES WILL YOU BE GETTING A REFUND THIS YEAR? ALAS, I OWE OH, YEAH! YES FILE ON OR BEFORE YES WILL YOU BE ABLE TO PAY THE TAX OWED BY APRIL 17TH? APRIL 17 DO YOU CARE HOW QUICKLY YOU GET THE SS? 2012 NO (GULP) WHAT IF I NEED MORE TIME? NAH. I ENJOY SURPRISES. SUBMIT YOUR TAX RETURN ALONG WITH A PARTIAL PAYMENT FILE AN EXTENSION PAPERWORK THIS WILL GIVE YOU SIX MORE MONTHS TO FILE YOUR TAX PARTIAL PAYMENT FORMS. TAXES OWED, HOWEVER, ARE STILL DUE ON APRIL 17. AVOID! FILE ON OR BEFORE WHY FILE WHEN I CAN'T PAY? APRIL 15 2015 A FAILURE-TO-FILE PENALTY OF 5% TAX DUE FOR EACH MONTH OR PART OF A MONTH THE TAX RETURN IS LATE, UP TO A MAXIMUM PENALTY OF 25% WHAT HAPPENS IF I CAN'T (OR DON'T) PAY IN FULL? WARNING! A FAILURE-TO-PAY PENALTY OF 0.5% WILL ACCRUE EACH MONTH OR PART OF A MONTH UNTIL THE BALANCE IS PAID IN FULL – UP TO A MAXIMUM OF 25% OF THE UNPAID TAX UH, WON'T THERE BE PENALTIES? NOPE. WHOA! YOU'LL ALSO PAY INTEREST ON ANY UNPAID TAX AND PENALTY. THE INTEREST RATE IS DETERMINED EVERY 3 MONTHS AND MAY FLUCTUATE. INTEREST IS COMPOUNDED DAILY. PENALTIES ARE BASED ON TAXES DUE. SINCE YOU OWE NOTHING, THERE WILL BE NO PENALTY. BUT YOU SHOULD PROBABLY FILE NOW ANYWAY. HELLO SHOPPING SPREE, VACATION OR WHAT IF I STILL HAVE QUESTIONS GLORIOUSLY INDULGENT STEAK DINNER! AFTER APRIL 15 2015? (OR SOME REALLLLY OLD UNFILED TAXES?) CALL YOUR LOCAL HGR BLOCK OFFICE, OR CALL THE IRS AT ANY REFUND YOU WOULD HAVE RECEIVED COES TO THE U.S. TREASURY (WHO THANK YOU FOR YOUR DONATION!) 1-800-829-1040 Sources: www.hrblock.com/press/Article.jsp?articleid352876 www.getrichslowly.org/blog/2012/03/28/prepare-for-the-tax-preparer-to-save-money H&R BLOCK www.legalzoom.com/taxes/personal-taxes/need-more-time-file www.irs.gov/businesses/small/article/O,id%3D108330,00.html http://taxes.about.com/od/backtaxes/qt/irs_tax_penalty.htm http://taxes.about.com/od/findataxpreparer/a/prices.htm NEVER SETTLE FOR LESS" www.hrblock.com f www.facebook.com/hrblock Created by oBizMedia