Better Accurate Than Rushed

It is not necessary to remind me of the date. I am more aware than anyone that we are reaching the end of the second extension for 2001 1040s on October 15. I have been working as hard as I can to finish as many tax returns before then as possible. I am in fact also still working on some 1998, 1999 and 2000 tax returns.

I will be filing for a third extension, until December 15, for any tax return that I can’t complete by October 15. Contrary to what many misinformed IRS employees and inexperienced tax practitioners may tell you, such an additional extension is possible if there is a very good reason. I file several of them every year.

Repeated calls and emails bugging me about the status of tax returns doesn’t help the already very stressful situation around here. Your patience is appreciated.

I do not operate like a news service, where speed is more important than accuracy. It has always been my policy to prepare the highest quality tax returns possible, even if it requires filing them later than normal. The philosophy that some people have of just whipping anything together and then fixing it later doesn’t always work. There are several things, such as tax elections, that can only be done on an original tax return. Too often, I have seen people short-changed by filing a tax return too quickly and haphazardly to allow them to prepare the best tax returns possible for their situation.

I have been delaying every possible project, both personal and business, until after October 15, including several updates and items that I want to post to my website and to this blog. We have also refused to accept any new clients until if or when I am able to get caught up with the huge backlog of tax returns still waiting for me. Before next year’s tax season, we are also planning to trim back on some of the clients we work with, based on a number of criteria.

KMK

Republican Touches Third Rail–and Lives!

Yo-Yo Wealth

Those financial gurus, who are proclaiming the fact that the stock market has jumped upward in the last two days’ trading means that the bad times are over, are very naive, as well as idiotic about investments in general. Any investment with the kind of volatility of the stock market, that can increase or decrease in value by three to five percent in a single day, is not the way for anyone to accumulate wealth without incurring ulcers or chest pains. Multipy that by 365 to see what it is on an annual basis.

Just as with dieting, it’s safer all around to get rich slowly than to shoot for the get rich (or poor) quick schemes. Just something to keep in mind as the roller coaster ride continues, as it will.

KMK

Cyber-Panhandling

The number and variety of people using the web to beg for money have grown considerably since I last mentioned it. I guess as long as both sides are being honest about what’s expected from the other, there’s no harm. As one person in the story says, it’s better to see money go directly to someone in need than to a large bureaucratic charity that gives very little to real people with problems. That’s a familiar sentiment.

KMK

Same Picture, Different Message

I’m sure this cartoonist intended for this to be another jab at capitalism, with the obvious solution being more government control. I see a very different message here. It is is dangerous to trust your career and retirement to others, including corporate executives, politicians or government bureaucrats. The answer is to control your own destiny with your own business and your own self controlled retirement plans.

I Can’t Resist This

It’s tough having the same name as a liberal Democrat.

Tug Of War

In typical political fashion, the campaign rhetoric is flying hot and heavy. There are people calling for more tax cuts, while others are calling for tax increases by stopping or rolling back the current phase-in of tax rate reductions. Illustrating the idiocy of our system, both sides actually claim to be solving the same problem of a slow economy with diametrically opposite solutions; tax cuts or tax hikes. I’m sure glad that medicine isn’t as schizophrenic as political economics. One doctor would prescribe aspirin for a headache, while another would recommend a lobotomy.

When it all boils out, where will we be? In spite of calls like this to continue the momentum of tax cuts and to simplify the tax system, we will end up with no substantial change. SNAFU.

KMK