Important things to consider before deciding to file an extension. 

by Rachel Ivanovich

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I’m not going to lie, after 20 years of doing taxes, there are no sweeter words to me than those of a client who says on April 1st, “Yeah sure, I’ll go on extension!” 

Tax season is a roller coaster ride for all of us. 

Do I owe? 

Am I getting money back? 

Where the #!?* did I put my W2? 

Tears, joy and all the rest – clients come in and dump their pent-up emotions onto my desk. So, thank-goodness they made me take Pysch 101 back in college! 

I see your tax return as the end-product of the past year. There is a lot of information I can learn about you simply by glancing over your Form 1040. 

So, the question is, —“To file an extension or to not file an extension?” 

The next question is how close are you to your tax advisor, and did you plan ahead? 

If you did, and you have paid in enough to cover your taxes, well, bravo, you qualify for an extension! 

Because as you hopefully know, it is simply an extension of time to file, not to pay. Naturally the government wants your hard-earned dough. But if you didn’t plan ahead, have no fear, your tax lady is here! 

We are here to help guide you through the intricate maze they call The Tax Code and yes, to help you file an extension.

 © 2019. All rights reserved. Easy Life Management, Inc. 

Thinking outside the box.

by Rachel Ivanovich

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Believe it or not, people ask me this question all the time! I think it’s in our nature to push the envelope a little bit, especially when it comes to filing taxes. 

Hey, come on, you say, I must look professional for my job! Why can’t I write off my Gucci purse and Jimmy Choo shoes? Haircuts are expensive, can I deduct those too? 

It boils down to ordinary and necessary business expenses. 

That being said, as an accountant, you wouldn’t expect me to need a dog to run my business (although our office dog, Frank, certainly makes the day more enjoyable!). 

So, if you don’t have a business yet, it’s time to start one (we can help here too!). 

What is ordinary and necessary, you ask? It’s basically any expense that a person with half a brain would expect to be required to run their business. 

However, if I were to own a large nursery and bought a guard dog to patrol day and night in order to keep people from stealing my plants — aha, now we’re talking! Hello deductions of food, vet bills, etc. 

So, the next time you’re wondering how you can write off those classic cars you keep wanting to buy, re-frame your thinking to a new business mindset…and then call our office!

 © 2019. All rights reserved. Easy Life Management, Inc.