Well, I read my broker's "Rant for the day", and I must say that it is pretty hard to compete with something like that. But, I do have a couple of points to get across pertaining to this time of year, if anyone is interested in listening or if it might pertain to your situation.
First of all, we are now in the first month of the 6 month extensions for 2008 tax returns. I am asked, repeatedly, "why will I have to pay penalty and interest if I have you file an extension for me?" Here is the answer: If you OWE taxes on your 2008 return, filing an extension DOES NOT EXTEND the time to PAY. It only extends the time to file the return "itself". It is possible to do an estimate of the taxes due and send it in by the 15th of April. But, of course, that date is passed. So, if nothing but 0's was on the extension form there will be penalty and interest. Period.
Secondly, a few weeks ago I happened to read a comment by an agent regarding two young buyers that were thinking about getting married this year and purchasing a home. This comment is in reference to what their tax preparer told them they shoud do. Now, please don't get me wrong on this. I am not casting blame on anyone and I am surely not saying anything bad about their tax preparer. Educating one's self is the key here. Anyway, the preparer told this couple to wait until next year to get married so they could each take the first time home-buyer credit (up to $8000). This will work ONLY if they buy two different properties and each one lives in their prospective property. If they will be purchasing only one property but reside in that property as two "single" people, they can each only claim half of the credit. It is the same as two married people filing separately. If you have any questions regarding this, please send me a separate email and I will be glad to expain further.
End of MY Rant
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