Tax time

[Boyd]

Just got back from my accountant and am on my way to the post office with checks for the state and the feds. How depressing...

However, my accountant told me something I didn't realize. She said that due to Atlantic County being declared a Federal Disaster Area earlier this month, I could actually wait until May 11 to file my taxes. Evidently they give you extra time to dry out all your records? I believe residents of some other counties are also eligible for this - but be sure to confirm this with your own tax advisor instead of taking my word for it.

Residents in the affected areas may also be eligible for aid. Some more information here:

http://www.fema.gov/news/event.fema?id=12609

http://www.pressofatlanticcity.com/...cle_8a3ea708-41fb-11df-a3af-001cc4c03286.html

The deadline to file a tax return is typically April 15. But all residents and businesses in Atlantic and Cape May counties — considered federal disaster areas following March storms — are getting a reprieve of almost one month.

The new deadline to submit individual federal and state income tax returns is May 11. The extension also gives more time to make income tax payments or 2009 contributions to an individual retirement account. It is not necessary to apply for the extension — it automatically covers all residents and businesses in Atlantic and Cape May counties.

Ten other New Jersey counties also were declared federal disaster areas after the storms and flooding the weekend of March 12 to 14. Those counties — Bergen, Essex, Gloucester, Mercer, Middlesex, Monmouth, Morris, Passaic, Somerset and Union — qualify for the extension as well.

Taxpayers don’t have to prove they were personally hurt by the storms. Internal Revenue Service computers have identified taxpayers from disaster areas and are applying automatic filing and payment relief, the agency said. Federal and state officials still recommend people file by April 15 if possible.
Residents or businesses that get penalized for a late filing or payment can call the IRS to get the fees nullified, said Gregg Semanick, spokesman for IRS operations in New Jersey. The number is 866-562-5227.

 

[46er]

Double check that includes the payment as well. In most cases such as this the return can be filed later, but not any payments due.

 

[Boyd]

My accountant said everything could be delayed if desired, but as I said "don't take my word for it". Personally, I sent the checks to everyone today. Just needed to get this off my desk so I can lick my wounds and start healing....

 

[long-a-coming]

Uncle Sam took me out the woodshed and put a hurting on me this year. Cashed out an inheritance when the economy took that dip earlier last year. The way it was set up I really had no other choice. Going forward my investments are set up better so I don't get slammed again. 2009 will be the year to forget tax wise. You live and learn.

 

[RednekF350]

I need to adopt some new, little curtain climbers to replace my two walking, talking former deductions who are still living in my house, eating my food and drinking my beer !

They should count as deductions as long as they continue to drink your beer.
Maybe there is a loophole in the IRS code somewhere.

 

[46er]

If all the TV anal-ysts are even remotely correct, we ain't seen nothing yet when it comes to fed taxes.

 

[mudboy dave]

ahhh it was a wonderful income tax this year. I totalled out at over 7k, not including thr 5200 that i got ammended from 2008.