Message Font: Serif | Sans-Serif
UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev | Next
Author: vkg Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 124159  
Subject: Re: Tax filing deadline Date: 4/18/2011 7:21 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 1
Neither the IRS or state will know about any itemized deductions or cost basis for equities sold. The taxpayer may believe that the "correct" amount of taxes have been paid, but until a tax return is filed that information isn't available.

Some basic reasons for filing promptly:
1.) Losing paperwork
How many people who are not organized enough to file a tax return will be able to find all of the paperwork in 3 years?
2.) Statue of limitations
Statue of limitations starts from when the tax return is filed.
3.) The IRS and state are going to calculate taxes due based on standard deduction and the full sale price of equities
As my favorite procasinator has proved, if you have anything more than the simpliest return, the IRS and your state will be contacting you. They can garnish your wages and if you still don't respond in time, they will keep it.
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (9) | Ignore Thread Prev | Next


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
Post of the Day:
Macro Economics

Looking at Oil and Gas
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.