ACCOUNTANT EXPLAINS: Why You NEED To File A Tax Extension
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- čas přidán 10. 04. 2024
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This is such an important topic. I have family in FL and TX and I tell people all the time not to fall for the no income tax narrative. Both of these states have no income tax and my relatives always complain about their absurdly high property tax, sales tax and other various fees. You have to look at the total tax (and fee) picture, not just income tax.
For sure! You need to think about all the taxes and fees, not just income tax. I think financial advisors can really help by looking at your whole financial picture, cutting down on any extra costs, and finding ways to handle property taxes smartly. This can take a load off homeowners, especially in places like FL and TX where taxes can be a bit tricky 🙁
you're spot on about the value of a financial advisor. As a businessman, moving from California to Texas, my advisor traded stocks for me, allowing me to purchase two homes worth 1.8m with the profits. While Texas property taxes are comparable to California's without Prop 13, being free from California state income taxes has significantly improved my financial standing.
I'd love to know who your advisor is. You see, I'm a Russian living in America with my family, finding my way around the market can be tough as a beginner and i know i am not the only one. I have $700k saved up and ready to invest, but I could use some guidance.
She is well known as - Chasity George Charles. please do your own research.
found her contact details through a web search, and I'm pleased to see she is well recognized by AdvisorCheck. I've already sent her an email, hoping she can find some time in her busy schedule to assist me. Thank you for not gatekeeping.
I will definitely need this for next year!! Thank you.
Enjoyed the video. Thanks for sharing
Mark you’re awesome , one of the coolest kats out there
Thank you!
Thanks Mark 😊
awesome video, super helpful
lolol you are fun. I will be using your services after my files extension is done
You wrote 0.05% instead of 0.5% and you said interest on $5000 each month is $50, but it should be $25. So that was confusing. But otherwise, great advice.
I guess you weren’t too confused, you are right on! I think most people would see the on-the-fly mistakes, though
Like he said, you never know what’s in the SOLO cup
I know I was so freaking confused! Because I was doing the math, the exact way he wrote it and I'm like why doesn't this compute? So after trying it multiple times and it's still not registering it was wrong, I finally noticed the error, lol.
If you make a payment online and choose the option, you get an extension without mailing anything else in. Just did it.
THANKS FOR THE REMINDER VIDEO😂😂😂
If the govt can print money why do they need to collect any taxes ?
Bc there's a limit to how much they can do without them crashing the market
Income taxes create a demand for the fiat money.
Does this apply to personal or business? Or both?
What about a llc and personal?
Also, do I need to file a tax return on my two a Time shares?
Do I need to file if my home is in a reverse mortgage?
Here is what AI said about this topic...
"That's another common misconception. The IRS doesn't allocate audits by region or by a specific date like October. Their focus remains on selecting returns with the highest risk of containing errors or underpayment of taxes [1].
Here's why the myth persists:
Random Selection Appearance: The IRS uses a computerized system to choose returns for audits. This can make it seem random, but it's based on complex algorithms that identify potential discrepancies.
End-of-Year Focus: The IRS does increase overall audit activity throughout the year. This might lead some to believe October is a "safer" time, but it just means there's a higher chance of any return being selected in general, not less audits overall.
While there's no way to guarantee avoiding an audit, focusing on filing an accurate and complete tax return is your best defense."
The only kid I y I
What if we are behind a year?
If I need to estimate taxes on my gross income or net if I anticipate a loss ?
Do they have penalties if they are late paying us our returns?
I have some back taxes to file. Can you recommend a resolution account
My reverse mortgage is on my home.
What if you have an 85yo parent that passed away in 2022 that had some dementia. I've been cleaning out paperwork since and can't find where he filed taxes the last few years. He always did them himself with Turbo Tax. I filed and extension for 2022 and paid a guesstimate amount. Haven't finalized the return because i keep finding tax docs. This year i have estate tax filing due as well
what is the extension form # for 1099 NEC? & is there a different deadline or penalty?
Am I blind or did he not include the link to the extension form? The one where he said you don't need an accountant, you don't need to pay anybody, you can file it yourself, I'll put the link down below. Am I missing it?
I can’t find it, either.
I didn’t think a home office was valid for most Uber eats type side gig. Anyone know for sure? Too late for this year sadly. Probably could have claimed a bit more…
What if you didn’t renew LLC?
Do you have a source for the longer you wait the lesser chance of an audit? I can share this with my colleagues at my office
If my brother transferred bitcoin to me which I gave him the money to buy for me
Is that taxable
I'm curious if there is a recommended "wait to file" timeline. In my state, Virginia, you get an automatic 6 month extension. i filed for an extension with the fed. All those boxes are checked. Between state and fed, the government owes me a refund of about $10k. With your strategy of filing an extension to lessen the chance of an audit in mind, would you recommend waiting the full 6 months or is there a recommended "wait to file" timeline? I'm not worried about an audit, I just want to mitigate the chance of an audit because of the time, inconvenience, and cost to hire a tax attorney. Any thoughts here, Mark and/or team?
I just used H&R block first time in my life at 59. They filed an extension for me….. I don’t understand why and no way to communicate with the tax person but app messages…. What do I do now? H&R block follows up or do I start getting all papers together again and move on to tax accountant?
So, buying an NFT and sitting on it- is that just in cyberspace until I sell it- THEN report it?
Can you recommend how we submit Form 4868 for the extension? I didn’t find the link in the chat
1/2% a month on $5k is $25 not $50.
$5k at 0.5% Per Month for 2 Months = $50. That was Mark's example.
I think he was giving an example where it took 2 months extra to file the return. So it would be $50 for the 2 months.
I used a service to file my taxes. It was 29.00. I got a text saying I got an extension. Then later a couple days went by they said my credit card didn’t go through. Now I don’t know if I have an extension or not.
I’m sorry…I mean to file an extension.
So how do I know if the extension was filed?
If i file an extension for my llc would i have to file an extension for my personal since some info will be missing that has to be included?
Hey did you get any response to this ?
Of course! LLC extension = personal tax extension.
LLC due date is 3/15
Personal due date is 4/15
Which link to look up accountant in Fort Lauderdale , FL
Asking for a friend… he may or may not sell crack… can he claim his hos as dependents that sell for him?
Despite all the financial struggles i and my family faced, everything is finally falling into place! $47,000 weekly profit and riches I'll always praise the Lord!!!
Thanks for the advice! I'm new to financial planning and wasn't sure where to start. Any tips on finding a reliable financial adviser or resource to guide beginners?
HOW
....!! I know it's possible, I would appreciate if you show me how to go about..
Sincerely speaking. I will continue to trade and stick to expert ca therine daily signals and guides as long as it works well for me.
Please ,,I'm new here how can i contact her???
she's mostly on Telegrams, using the user name.
@markjkohler The form isn’t linked