Also in this playlist...
This transcript is automatically generated
-- deadline to file your taxes little more than two weeks away which is crazy but there's still time seeks an advance in those last minute tax tips.
-- -- received some money joining us now text melded to re partnered and -- and -- -- on this Friday and -- and a budget here.
Black people scrambling are you seeing a lot of you know different things and you've seen in the past.
Because so many people tried to pull -- -- -- last year and the ticket into things they weren't sure what was gonna happen gas we have I don't.
That was a real acceleration having come into last year to get take advantage of the lower rates.
And as a result there's a whole lot of people who -- this April 15 they didn't have -- -- withheld they didn't.
A they didn't make estimated payments in and they may not -- needed to -- because they're just doing a catch up now.
They'll be lots of balance is -- -- return in today's fifteenth lots of extensions with big.
Payments that are going now it's really important then to file that extension or -- timely -- with -- that.
So that you do not have penalties.
That's but it's the 4860 issue for its -- form and you're that's a great point you gotta pay your bill it's not extension to -- life.
But if you had a -- your return yet how -- kinda know what to -- Well that's what you've got up pull out the let's say 2011 return pull out all the information you do -- say OK which items don't I have.
And what's the ballpark for them it's really a problem for people who invest in limited partnerships or hedge funds or private equity funds because.
If they didn't get -- -- ones yet then they either have to call to get a projection of the estimated taxable income.
We're just guestimate and they may not be in the ballpark because all of those funds.
Accelerated income that's so interesting so lot of capital against you've seen this year what -- other things are people missed an accident at the bottom line.
Well people often missed deductions rates -- done because.
They're either not quite sure what's deductible or there's not a great record keeping system you have come you get -- Nigel -- once you get W -- but nobody is really.
On adding up all your deductions you gotta go to do that yourself.
So that's what people really need to be diligent and vigilant so what I remind people about -- -- for charitable.
Do you do volunteer work not you can't deduct.
The value of your time but any out of pocket expenses attack so -- driving your car you taking a taxing -- yet you paying for supplies.
Those are deductible.
Real estate taxes if you bought or sold a home during the year make sure you don't just look at the check you wrote to pay the taxes but get out -- closing statement was there a pro ration.
A real estate taxes on the closing statement did you refinance did you -- points when you refinance your mortgage.
Com look -- debt.
Is can any of it be classified.
For personal use but perhaps tied to making an investment people don't often recognize that if you borrow.
To make investments not really using margin but he took -- line of credit on your home.
For example and used it to make investments.
That is tax deductible so if you wouldn't have gotten their lives it's good to 7UP -- that it is connected to making taxable investments.
The only thing you can't to -- is if you borrow to.
To invest in municipal bonds that interest is not deductible.
It's a great tip yeah -- about 2013 -- lot of things are changing leaving here and more and more to.
About people considering changing residents.
State taxes out of control are you hearing that from your clients yes -- my clients are very much into into the fact that their taxes at the federal level certainly have gone up but what can they control perhaps there state taxes right so are they living in the right place in in that in a world where we rely now on technology people feel like they can work for.
From almost anywhere they can.
-- make it work from you know from a beach house so I've been doing many analyses about what.
Does it cost to move their business and door on just personal residence to a different state and what are the rules.
Around determining whether somebody is resident in the state out it is not as easy as people think right it's not just buying a property they -- and I can just put that address on the return.
States are very -- very tough on people who change residency and they -- it.
All the time it's a red flag total red flag and he is a burden is on the taxpayer.
To prove that they are not resident of -- state and these these audits are very intrusive.
In that they will ask for every credit card statement every bank account and a telephone bills and they will map out.
Based on that paper.
Where you are each day of the year and guess what if your state you don't have to pay a lot of money to -- bunch of auditors.
Right -- residency this is not learning tax law is just look at -- -- -- and try to figure out where they are so there's no -- not easy to do but people are really looking and it and them it's a much more mobile's society.
So people to pick up and move I would watch it we either come back we get some more about this is we talked about for Rico as an option I just heard yelling at Texas the other day so more -- -- this is an option for a lot of people that I don't think you're -- -- you -- -- extra --
Filter by section