If you haven’t done so already, here’s some last minute tax tips I shared this morning on WCIU’s “You and Me This Morning Show” to help you file your income tax return before Tax Day on April 16th, 2012!
1. File an Extension if You Need More Time –
- Form 4868
- Provides for 6-month extension to file taxes
- Consider using tax refund to fund your retirement account
2. Avoid Red Flags for Audits
- Under-reporting income if self-employed or get paid via a 1099
- Taking Over-sized Deductions for Non-cash donations
- Home offices – differences for employees vs. home-based business owners
3. Rethink Getting a Large Income Tax Refund
- Intaxified – slang term for “it’s all emotional, nothing logical” about Uncle Sam holding onto your own money
- Has less to do with how good your tax preparer is
- Stop living paycheck to paycheck with no savings
One final thought. There’s a reason why the rich get richer, the poor get poorer and the middle class continues to struggle. It’s all about understanding not only how we make money…but how to legally and ethically minimize what we pay in taxes.
There are two tax systems. One for the informed…and one for the uninformed. There’s a reason why people like Mitt Romney can make over $21 million in 2010 and still end up in a 14.6% income tax bracket. I believe his executive assistant falls into a higher tax bracket than he does!
We can sit, complain and point fingers OR we can find out what wealthy people do in creating cash flow and open new doors even in the midst of financial frustration.
Come On Out to Oakbrook and Be My Guest!
This Wednesday night, I have been invited as a guest speaker to a colleague’s business mixer at their office in Oakbrook, IL and YOU are INVITED! Meet new friends and exchange business cards as I share ideas in how you can take advantage of a major career field in today’s economy, get out of debt, make more money and yes…pay less taxes too!
Wednesday, April 11th, 2012
2100 Clearwater Dr.
Oakbrook, IL 60523
What to Bring:
Business Cards, Pen and Notepad, Firm Handshake and definitely dress sharp…you’ll never know who you’ll meet!
To RSVP, send an email with your NAME and PHONE NUMBER to firstname.lastname@example.org
Tags: Business Mixer, Career Opportunities in a New Economy, Getting a Large Tax Refund, Jeanne Sparrow, Last minute Tax Tips, Networking, Pay less taxes, Tax strategies for home-based business owners, Tax Strategies for Self Employment, WCIU morning show, You and Me in the Morning