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Posts Tagged ‘tax return’

Sometime in the past few days, the first two pages of President Trump’s 2005 Form 1040 mysteriously landed in the mailbox of Pulitzer Prize-winning journalist and tax professor David Cay Johnston. In the interest of full disclosure, the same two pages showed up at my house late last week, but they were shipped C.O.D., and I’d be damned if I was going to shell out the 49 cents.

Johnston shared the documents with Rachel Maddow and MSNBC, setting off BREAKING NEWS sirens that inspired millions of Americans to flip on the TV to watch Maddow unveil the President’s intimate — and private — financial information.

Now normally, the opportunity to ogle the President’s tax returns would not create a stir; after all, every sitting president since Nixon has published their returns as part of an unwritten agreement with the American people to be transparent and forthright. President Trump, quite famously, has deviated from that long-held practice, first refusing to release his returns during his campaign because he was “under constant IRS audit,” and then pointing to his subsequent election as a referendum that “no one other than journalists” cares about his taxes.

Of course, people DO care: over 1 million individuals signed an online petition insisting that Trump publish the missing returns, but to date, the President has resisted. This of course, has only added to the intrigue, and in today’s world, when there’s enough intrigue, there will eventually be a leak.

Continue reading on Forbes.com

Authored by Tony Nitti, Withum Partner and writer for Forbes.com.

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Kelly Erb over at Forbes has a list of eleven things your tax preparer does not want to hear from you this month. It’s damn near perfect, though I would add to the list the following:

Any sentence that begins with, “But a guy at the gym told me that he is able to deduct…”

Last time I checked, your buddy from the gym doesn’t have a fancy associate’s degree in accounting concepts from West Alabama Community College like I do, so perhaps you’re better served leaving the quad-blasting advice to Brett, and the tax advice to me.  

“I feel like my refund should be bigger this year.”

Really? That’s great. I feel like eating an omelet made from endangered condor eggs, but that doesn’t mean either of us are going to get what we want. Your refund is nothing more than a mathematical consequence generated solely by your input. Provided we have all your information, your refund is what it is.

“I need to extend my return, but I can’t pay any balance due by April 17th. Can I extend anyway?”

Sure you can. Of course, you can also drive a car with your feet, but that doesn’t make it a good idea. In general, taxpayers are only granted a six-month extension to file their returns, not to pay the tax due. So if you fail to pay the balance due by April 17th, you may well face penalties and interest when you file your extended return. Though there is a break in 2011 for taxpayers who have been unemployed in 2011 or 2012.

If you’ve got any contributions of your own, feel free to leave them in the comments.

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