benefits - Whole Hearted Way https://www.wholeheartedway.com Meditation instruction for those who cannot meditate Thu, 15 Apr 2010 00:47:05 +0000 en-US hourly 1 https://wordpress.org/?v=6.4.3 https://i0.wp.com/www.wholeheartedway.com/wp-content/uploads/2021/07/cropped-Fern.jpg?fit=32%2C32&ssl=1 benefits - Whole Hearted Way https://www.wholeheartedway.com 32 32 195550711 File Your Taxes Late- Reason #3 https://www.wholeheartedway.com/file-your-taxes-late-reason-3/?utm_source=rss&utm_medium=rss&utm_campaign=file-your-taxes-late-reason-3 Thu, 15 Apr 2010 00:47:05 +0000 https://www.wholeheartedway.com/?p=358 File your taxes late? Yes, some tax rules are made to be broken. The rule I am talking about is filing your taxes by April 15th. Some people can prosper by not filing timely. Here is #3 of 3 of those situations: 1. Roth IRA Conversion 2. Multiple Roth IRA Conversions 3. Home buyers who haven’t completed their purchases but plan to take one of the two federal tax credits that they qualify for -one for first time buyers and the other for repeat buyers. All taxpayers qualify for an automatic 6 month extension (From 4868) but it is not an extension of payment. If you owe tax and don’t pay it, the current rate of interest (4%) will be charged from April 15th till paid.

The post File Your Taxes Late- Reason #3 first appeared on Whole Hearted Way.

]]> File your taxes late? Yes, some tax rules are made to be broken. The rule I am talking about is filing your taxes by April 15th. Some people can prosper by not filing timely. Here is #3 of 3 of those situations:

1. Roth IRA Conversion

2. Multiple Roth IRA Conversions

3. Home buyers who haven’t completed their purchases but plan to take one of the two federal tax credits that they qualify for -one for first time buyers and the other for repeat buyers.

All taxpayers qualify for an automatic 6 month extension (From 4868) but it is not an extension of payment. If you owe tax and don’t pay it, the current rate of interest (4%) will be charged from April 15th till paid.

The post File Your Taxes Late- Reason #3 first appeared on Whole Hearted Way.

]]> 358 File Your Taxes Late -Reason #2 https://www.wholeheartedway.com/file-your-taxes-late-reason-2/?utm_source=rss&utm_medium=rss&utm_campaign=file-your-taxes-late-reason-2 Thu, 15 Apr 2010 00:43:42 +0000 https://www.wholeheartedway.com/?p=355 File your taxes late? Yes, some tax rules are made to be broken. The rule I am talking about is filing your taxes by April 15th. Some people can prosper by not filing timely. Here is #2 of 3 of those situations: 1. Roth IRA Conversion 2. Many taxpayers are setting up multiple Roth Conversion accounts in early January with a separate account for each asset class, and then waiting the maximum 22 months (until October 15th of the following year) to see which assets have prospered and which haven’t. They plan to undo the conversions for each account that declines in value (called a re characterization) after conversion so that they don’t have to pay tax on the higher value. 3. Homebuyers All taxpayers qualify for an automatic 6 month extension (From 4868) but it is not an extension of payment. If you owe tax and don’t pay it, the current rate of interest (4%) will be charged from April 15th till paid.

The post File Your Taxes Late -Reason #2 first appeared on Whole Hearted Way.

]]> File your taxes late? Yes, some tax rules are made to be broken. The rule I am talking about is filing your taxes by April 15th. Some people can prosper by not filing timely. Here is #2 of 3 of those situations:

1. Roth IRA Conversion

2. Many taxpayers are setting up multiple Roth Conversion accounts in early January with a separate account for each asset class, and then waiting the maximum 22 months (until October 15th of the following year) to see which assets have prospered and which haven’t. They plan to undo the conversions for each account that declines in value (called a re characterization) after conversion so that they don’t have to pay tax on the higher value.

3. Homebuyers

All taxpayers qualify for an automatic 6 month extension (From 4868) but it is not an extension of payment. If you owe tax and don’t pay it, the current rate of interest (4%) will be charged from April 15th till paid.

The post File Your Taxes Late -Reason #2 first appeared on Whole Hearted Way.

]]> 355 File Your Taxes Late https://www.wholeheartedway.com/file-your-taxes-late/?utm_source=rss&utm_medium=rss&utm_campaign=file-your-taxes-late Thu, 15 Apr 2010 00:32:50 +0000 https://www.wholeheartedway.com/?p=349 File your taxes late? Yes, some tax rules are made to be broken. The rule I am talking about is filing your taxes by April 15th. Some people can prosper by not filing timely. Here is #1 of 3 of those situations: 1.  If you are making a Roth IRA conversion, filing an extension can juice returns. The rules allow taxpayers to reverse their conversion until October 15th, either with an extension or an amended return. All taxpayers qualify for an automatic 6 month extension (From 4868) but it is not an extension of payment. If you owe tax and don’t pay it, the current rate of interest (4%) will be charged from April 15th till paid. 2. Multiple Roth IRA Conversions 3. Homebuyers Since many of us use tax software or have tax preparers that use tax software programs, I cannot emphasize enough the importance of reviewing your return in detail. Many tax software programs have bugs that calculate passive gains and losses, AMT, and and other items incorrectly. I know because my spouse found a glitch that our CPA missed that was caused by software error (Thanks, Honey!). So take the time to review the finished return before mailing.

The post File Your Taxes Late first appeared on Whole Hearted Way.

]]> File your taxes late? Yes, some tax rules are made to be broken. The rule I am talking about is filing your taxes by April 15th. Some people can prosper by not filing timely. Here is #1 of 3 of those situations:

1.  If you are making a Roth IRA conversion, filing an extension can juice returns. The rules allow taxpayers to reverse their conversion until October 15th, either with an extension or an amended return.
All taxpayers qualify for an automatic 6 month extension (From 4868) but it is not an extension of payment. If you owe tax and don’t pay it, the current rate of interest (4%) will be charged from April 15th till paid.

2. Multiple Roth IRA Conversions

3. Homebuyers

Since many of us use tax software or have tax preparers that use tax software programs, I cannot emphasize enough the importance of reviewing your return in detail. Many tax software programs have bugs that calculate passive gains and losses, AMT, and and other items incorrectly. I know because my spouse found a glitch that our CPA missed that was caused by software error (Thanks, Honey!). So take the time to review the finished return before mailing.

The post File Your Taxes Late first appeared on Whole Hearted Way.

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