Prepare for Tax Day

It is less than a month until your taxes are due. Before you know it, April 15th will be right here.

Need some advice about the impending April 15th tax date? We called on Frank Revy who lives in the neighborhood and just opened Nottingham Tax and Financial, which is a financial services business on East 185th Street.

The following was what Frank asked us to share with the neighborhood:

April 15th is the deadline for filing your individual tax returns.

The deadline applies for your Federal, State, and Local returns.

Most people have filed their returns by now. However, you might be part of the sizable portion of the demographic that still hasn’t gotten around to preparing their tax returns.

If your situation isn’t complex, my advice would be to get off your duff and do it! Either take the time, or shell out the dough to hire a professional - but do it now! The IRS even provides free help to file your return.

If your return is more complex, you might want to consider filing an extension.

Here are some extension filing basics:

1. The deadline to file is April 15th. Use the Form 4868 to file your extension.

2. If you know you will owe money, you must still send money with the extension. An extension allows for the late filing of a tax return. It does not allow for late payment of taxes. Interest and Penalties will accrue on the amount owed after April 15th whether you filed an extension or not.

3. If you are not sure about the exact amount that you owe, you probably should send off an estimated amount that is a bit more than what you think it might be to be on the safe side. When you send in your final return, you will receive the excess amount you sent as a refund. Or you could choose to credit the amount towards your next year’s tax bill.

4. The extension gives you six months from April 15th. So - the deadline to finalize your 2008 tax return would move to October 15th, 2009.

5. Penalties for late filing and late payment can be steep.

6. Generally, the State of Ohio and most localities accept your Form 4868 attached to your state or local tax form when you file those returns after the deadline.

If you hire a professional, they usually take care of all the extension details for you.

For more information visit www.irs.gov

I can be reached at nottinghamfinancial@me.com for further inquiries.

Frank sold himself short in his advice above. If you use a professional, why leave the neighborhood? Contact Frank now at nottinghamfinancial@me.com and schedule the first appointment that will lead to your financial freedom.