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Tax Strategies for LOOPERS
My accountant, who does a lot of work for artists and arts groups taught me
something that I'd like to pass along.
Think about it:
Every April, the IRS is just slammed with overwork trying to work out
Then again, when it comes time to process all of the 1st extensions of
paying taxes, the IRS is inundated (and stressed out with overwork).
By the time the IRS reaches the 2nd (and final extension) in October, they
have reached a point where they just can't be stressed out all year long.
Add to that, the fact that everyone who files a 2nd extension has already
gone on record as saying, "I intend to pay my taxes but am just to do so
They figure (and he used to work for them) that not only are people honest
because they have reported in twice (to request the extension in the first
place) but that the statistics of these people coming through with their
tax payments are far higher than normal.
Consequently, he is never audited!!!
It cost about $50 - $100 more a year to pay the fines for making extensions
but I find this more reassuring than having to argue the IRS auditors into
why I deduct Dayglo Green Vibrating Dildos as musical
For obvious reasons, do not pass this information around on line or if you
do, remove my name from it. I am honest about paying my taxes but I just
don't want to go through the trouble and expense of an audit.
Signed, That translucent dayglo green plastic looper guy