As I procrastinate shoveling our latest “blizzard,” I realize that it could be much, much worse.
Cracked.com professes to be a humor site but I see little evidence of humor. However, they provide a valuable collection of pop culture and current attitudes. The link above will take you to a vulgar but honest assessment of how to be successful.
On January 8th, the IRS announced that it was delaying tax filing your 2012 tax return until January 30th. However, certain forms won’t be available until late February or early March. This means that most taxpayers can begin to file their 2012 tax returns on January 30th. However, if you own a business or rental property, you probably won’t be able to file either business or personal returns until March.
How to determine when you can file:
- Did you start a business or buy rental property in 2012? If yes, you can’t file until March;
- Did you own a business or rental property in 2012? If yes, you can’t file until March;
- Are you a partner or S Corp shareholder in 2012? If yes, you can’t file until March.
- If you answered no to all three questions, you can probably start filing on January 30th.
Forms 4562 Depreciation and 8582 Passive Activity Losses won’t be ready until late February or early March. Just about every business and rental property owner uses Form 4562. If your rental property generates losses, you also use Form 8582. There are some other delayed forms like Residential Energy Credits ans Qualified Adoption Credits that might keep you from filing until late February.
Leave a comment or email me with any questions if you are unsure as to when you can file. My clients will also receive a letter with their estimated filing date.
As I’ve written before, I’m a big fan of Crowdfunding. It became “legal” almost a year ago but we’re still waiting for the SEC to write the rules for it. Here’s a link to a long winded New York Times piece about the opportunities and frustrations.
DISCLOSURE: Once the rules are written, my firm plans to facilitate investing in Crowdfunding.