In today's episode of "Your IRS Weapon", originially aired on May 17, 2015, tax attorney Travis Watkins answers listener's questions and provides insight on a few unique tax situations.
Filing for an Extention Can Cause Tax Troubles
If you filed for an extention on filing your tax return this year, you may have thought that you were buying yourself extra time to pull together the money you knew you'd owe the IRS. But did you know that you may still end up with "Failure to Pay" penalties, even if you filed an extension? Travis will tell you why that is and also tell you what you can do about it in today's episode.
Letting the IRS File Returns on Your Behalf Is Not a Good Idea
In some situations, the IRS may prepare tax returns for you, particularly if you have several years of unpaid returns. They're not doing you a favor though, these estimated returns often result in you owing more in back taxes than you would if you'd prepared the returns yourself. We offer a solution to this unique tax problem in today's episode
Bonus: Celebrity Tax Watch
Which MSNBC host has been exposed for dodging their tax liability? We tell you in today's episode. Listen now or download and listen on the go!