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.
More Quotes from Mark Luscombe:
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.Mark Luscombe
People who don't live in presidential-declared disaster areas get help, but not the most help or the quickest. Those in declared disaster areas but not in the Hurricane Katrina-Rita-Wilma areas get more help quicker, while those in the Katrina-Rita-Wilma disaster areas get most.
Mark Luscombe
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.
Mark Luscombe
Ideal candidates would be those who can afford to pay a little more now with the hope of long-term savings down the road, helped out a little by the tax savings on the initial investment.
Mark Luscombe
I can't tell you why there hasn't been a hue and cry about this. Maybe it's just because the baby boomers aren't quite old enough to be affected by it yet.
Mark Luscombe
You import shoes and make the shoelaces domestically. The shoes don't qualify because they're imported, but the shoelaces do. So you have to allocate costs to and income from the shoelaces separate from the shoes.
Mark Luscombe
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Based on Topics: Failure QuotesWhere is the justice of political power if it executes the murderer and jails the plunderer, and then itself marches upon neighboring lands, killing thousands and pillaging the very hills?
Khalil Gibran
There is a gulf between the Arab peoples and Arab intellectuals.
Tahar Ben Jelloun
I used to not back down from a challenge.
Elizabeth Moon