Tax Day Countdown: Smart Facts & ChucklesApril 1st, 2011
Death and taxes. As both an estate planning and tax law firm, we deal with the two inevitabilities every single day. While neither can be avoided, the burdens they place on you and your family can be greatly reduced. As we head into tax day, please watch for the following smart facts and fast chuckles that we’ll be sharing on Facebook and Twitter.
Taxes are unavoidable. But with knowledge, collaboration, and a bit of humor, they can sting a little less.
April 1: IRS handed out more than 5 million refunds to IL residents last year. Were you among them?
April 2: Cat Does Taxes (Who’s better at spotting deductions, you or Sheeba?) Watch the hilarious clip here.
April 3: About 1 out of 12 tax returns is audited. What are the red flags? Read how to avoid an IRS tax audit.
April 4: “The hardest thing in the world to understand is the income tax.” — Albert Einstein
April 5: True or False: Tax day is April 15 (FALSE: This year it’s April 18, due to Emancipation Day)
April 6: Unclaimed college tax credits have reached $1 billion in Illinois. It’s not too late to claim yours for ’09 & ’10?
April 7: Lose your job in 2010? Tax is due on severance and unemployment pay, but you can deduct some job hunting and moving costs.
April 9: “I have always paid income tax. I object only when it reaches a stage when I am threatened with having nothing left for my old age—which is due to start next Tuesday or Wednesday.” — Noel Coward
April 10: Want to check the status of your tax refund from your smart phone? There’s an app for that! Download IRS2Go today.
April 11: Have you thrown away the shoebox and now save receipts digitally? What software or process do you use?
April 12: Prepared taxes yourself or used a tax prep service? Unhappy with the amount you owe? Get a 2nd opinion from a CPA tax attorney.
April 13: Never agree to sign a blank tax form for your tax preparer. Always review the completed return before filing.
April 14: “Worried about an IRS audit? Avoid what’s called a red flag. …Say you have some money left in your bank account after paying taxes. That’s a red flag.” — Jay Leno
April 15: Illinois income tax spiked 67% but it’s offset for most people through other tax decreases. Feeling the crunch? Investigate why with your tax advisor.
April 16: In the market for U.S. Series I Savings Bonds? You can now purchase them directly from the IRS with your tax refund. Complete Form 8888.
April 17: If you plan on retiring at any point in your life, make this the year you investigate the virtues of Roth IRAs as an individual income tax strategy.
April 18: It’s tax day! Need an extension for Oct. 17? It only applies to paperwork. You still need to pay some or all of what you owe TODAY. Consult your tax advisor.
April 19: It’s unofficially “Hug Your Tax Advisor Day.” You may also buy us chocolates.