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