Mark Luscombe Quotes (14 Quotes)

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.

People are generally pretty good at keeping track of things they write a check for but they're a little sloppier with the 5 they put in the collection basket at church or give to the organization on the street. A lot of people also fail to keep track of non-cash donations. They drop things off at Goodwill without making an inventory of what they gave.

Congress failed to extend the exemption increase into 2006. I think they still intend to do that, just retroactively.

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.

This is because they're viewed as prepaid interest.

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.

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.

He's been pretty consistent in wanting to make the cuts permanent.

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.

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.

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.

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.

Because of the AMT, some people are not able to take advantage of the tax cuts that Bush made available.

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.