A case of 'Divine' inspiration - Offical Contest Rules

Last minute tax
tips for late fi lers
Taxpayers might not know
it yet, but last-minute fi lers
will likely soon learn they have
more time to fi le their tax
returns this year. In 2011, the
deadline for fi ling is April 18
instead of April 15.
The reason for the change
is Emancipation Day, a little
known holiday observed in
Washington, D.C. on April 16.
However, since Emancipation
Day falls on a Saturday this
year, it will be observed on
April 15, triggering a tax code
that mandates fi ling deadlines
cannot fall on weekends or
holidays. As a result, late fi ling
taxpayers have an extra three
days to fi le in 2011.
For some, those extra three
days will be prove invaluable.
In addition to taking full ad-
vantage of the added time, latefi
ling taxpayers should consider
the following last minute tax
tips as well.
* File online. Filing online is
quicker and, for those who fi le
through the Internal Revenue
Service Web site, it can even
be free. Men and women who
are anticipating a tax refund
should strongly consider fi ling
online, as e-fi ling generally
gets people their refunds
much more quickly than fi ling
through the mail. In addition,
fi ling online can alert taxpayers
to any mistakes they might
have made on their returns.
* Don’t mistake a tax extension
with an extension to pay
your taxes. Men and women
who fi le for a tax extension
should know that an extension
still requires taxpayers
to estimate what they owe
and send the IRS a check by
April 18. A tax extension is
only an extension to fi nish the
paperwork, not an extension to
pay. It’s important to know an
extension request must be fi led
by April 18.
* Make an accurate estimate.
Individuals who have
fi led an extension and are estimating
what they owe should
not lowball the IRS. If the
IRS fi nds you owe more than
you’ve already paid, you will be
subject to fi nes and penalties.
A good rule of thumb when
estimating is to examine last
year’s return. If you did not
CAPITAL MANAGEMENT ADVISORY, INC.
HISTORY
Ron Smith moved his company from Richmond to
Powhatan in 2003. He has been a Powhatan resident since
2000. Erica is the Director of Marketing. She has been with
the fi rm for four years and also lives in Powhatan. The
business is truly a “hometown” fi nancial planning fi rm.
18 A Special Supplement to Powhatan Today March 23, 2011
change jobs, purchase a home
or earn substantially more or
less money this year, you can
base this year’s tax estimate on
last year’s bill.
* Choose the standard
deduction if possible. Many
non-homeowners can simply
choose the standard deduction
as opposed to itemized
deductions. Doing so can make
it much quicker to fi le a tax return.
In general, if fi nances are
simple and not complicated,
a standard deduction is the
easiest and best route to take.
Visit the IRS Web site at www.
irs.gov to learn the standard
deductions.
Metro Services
– Metro Services
Thanks to a little known holiday celebrated in Washington, D.C.,
in 2011 taxpayers get three extra days to fi le their returns.
PROFILE
Address:
3923 Old Buckingham Road
Powhatan, Virginia 23139
Phone: (804) 598-9430
Fax: (804) 598-9239
Hours: 9 AM - 5 PM
Management/
Owners:
Ronald G. Smith CLU, ChFC
Erica FitzSimmons
Number of
Employees: 4
Nature of the
Business:
Based on 12 wealth
management principals,
the fi rm provides
comprehensive investment
and estate planning for
approximately 75 clients.
They accomplish this by
working closely with the
client’s CPA and attorney.
Ron is a Chartered Financial
Consultant and a leading
producer for NEXT Financial
Group’s WE2 investment
advisory business, ranking
#5 nationally in 2010.
Securities and investment advisory services offered through NEXT Financial Group, Inc. member FINRA/SIPC.
Capital Management Advisory, Inc. is not an affi liate of NEXT Financial Group, Inc.