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If you were to ask my children how many seasons there are, their answer would come with no hesitation: FIVE – spring, summer, fall, winter, and tax. They know the drill – long hours and full concentration on reducing our client’s tax burden. But does the tax season have to be about rush, rush rush? The IRS thrives on trader tax complexity and as a trader; your largest expense is your tax bill. As my children even say, haste makes waste. So why risk thousands of dollars rushing through such complexities? Here are some useful tax tips you should know as the deadline approaches rapidly.

Extension of Time to File Your Tax Return

With one week left before the April 15th deadline, is it okay to file an extension? One fact to remember when filing an extension is the request is an extension to file your taxes, not to pay your taxes. The IRS is very generous when it comes to giving you extra time to file your return. In fact, with an extension, you can wait until October 15th to file a personal tax return. HOWEVER, if you have not paid your taxes by April 15th (regardless of an extension), you will be charged interest AND penalties. Yes, you heard right. PENALTIES. The failure to pay penalty (different from the estimated tax penalty) is one half of 1% of the tax not paid, for each month (or part of a month) it remains unpaid, up to a maximum of 25%.

These penalties are like bad investments, taking time to stop and think will help you avoid them. If an extension is necessary and you are concerned about owing tax, prepare an estimate of what you think you owe. If you are still unsure, take the time to have our professionals estimate the amount you owe. Also, remember that making an overpayment could be a great investment. After all, it carries a guaranteed 4% return!

Stimulus! Stimulus! Stimulus! What do these government tax credits mean to you?

The year 2009 was a whirlwind. The government, in an effort to help the economy, has created, modified, and extended several credits and deductions which could possibly mean thousands of dollars for taxpayers. Why leave money on the table? These credits and deductions could range from home ownership, education, energy, to dependents. Take the extra time to learn from our professionals about what credits and deductions are available to you. Don’t miss out because you were rushed to file your tax return.

Does the IRS owe you money?

If you know the IRS owes you money or believe you may be entitled to a refund, why wait? Cash out your investment today! Our CPA’s will complete your returns within seven business days of receiving your information, ensuring that your cash hits your pocket ASAP!

No other accounting or trader tax firm in the country can match the expertise of our CPAs!

With a large government deficit, stay clear of the IRS cross hairs this tax season. Now more than ever it’s extremely important to get proper tax advice; although most CPAs won’t admit they are not always equipped to help traders or investors. Our tax professionals have studied the IRS code and trader tax court rulings for years and are determined to slash your tax bill!

About Michelle Boyer, CPA

After working as a Revenue Agent for the Internal Revenue Service, Michelle Boyer, CPA moved to the private tax sector taking with her valuable insider knowledge of IRS procedures. After spending years practicing in the area of trader taxation, Michelle witnessed a vast amount of misconceptions about day trading rules and traders accounting regulation. This inspired her to develop a team of hand-selected, experienced, trader tax professionals. Together, her team has created one of the largest resources where traders can come for accurate and legal tax reduction strategies and advice.

Trader Tax Strategies Exposed (DVD Video)

The most comprehensive tax reduction video available anywhere. This video provides clear and well-organized legal tax reduction strategies used by professional traders in today’s markets

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