22 Quotes by Mark Luscombe

The one thing that can make a bad situation worse is not filing your return or requesting an extension. That brings on a failure-to-file penalty, in addition to possible penalties and interest for failure to pay. It's smart to file even if you can't pay, and pay even if you get an extension to file.

Compared to some other tax issues, like passive loss rules and stuff like that, it's not all that complicated, but people involved in things like passive loss rules can usually afford to pay for some sophisticated help.

This is because they're viewed as prepaid interest.

You don't have a filing requirement because you don't have a tax due. But if you had withholding, you've paid tax. It's worth your while to file a return to get your money back.

The odds of winning the grand prize are less than one in 146 million, but it's a sure bet that if you do win a big jackpot, you're going to also have a big tax bill, with more than one-third of your winnings going to the IRS.

Once they file for an extension one year, it sort of becomes a habit. I know people who do it regularly who don't have any particular reason they couldn't have had their information together by April 15.

Increasing the length of the automatic extension will save taxpayers some time and trouble, but it's still smart to file as soon as you can.

Individuals who put up a displaced person at their residence for at least 60 consecutive days can get an added exemption of $500 per person.

In spite of all the talk about simplicity, in fact the tax code has gotten more complicated every year.