Your Taxes & More

It's tax day! If you don't owe money, there's no penalty for filing late. But after today, no more extensions.

It's easy to set up a payment plan with the IRS. They'll give you up to six years to pay your taxes. But there will be a fee And interest added on.

An amended return supersedes the original return. So if you owe money, and then find out you shouldn't actually owe it, it all vanishes, including the interest.

If you expect to owe money, you might want to do your taxes early, to give you a chance to save up for April 15th. Nothing like finding out how much you owe on the day it's due.

Any unpaid taxes you owe start accumulating interest on April 15. Pay it now if you can.

Any unpaid taxes you owe start accumulating interest on April 15. Pay it now if you can.

If you need to make estimated payments, don't forget your April one!

An office in home deduction allows you to deduct the portion of your expenses that can reasonably be attributed to the business use of your home.

Day care providers have different rules for the office in home deduction, because more of your home is used for business than for other businesses.

If you own your home, your office in home deduction will include an allowance for depreciation on the part of your home used as an office. For that, we'll need to know your basis in your home, the amount of your home used as an office, and the date you started using it as an office.

An office in home deduction (available if you are self-employed) requires that you provide a list of your home maintenance expenses. That means rent, utilities and repairs. How much you can claim depends on how much of your home you are using regularly and exclusively as an office. If you see clients at your home, you can count part of the cost of landscaping as well. You should have a separate list of money spent to improve your office.

f you are self-employed or otherwise likely to owe money, this is a good time to get your taxes done. That way you have time to get the money together.

A letter from the IRS saying you owe money doesn't automatically mean you owe money. Sometimes it's a mistake. If you can't understand the letter, get help.