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April 15 Survival Kit

by Roy A. Lewis, E.A.
2003

Are you still scrambling, attempting to pull your tax records together to file your taxes by the 15th? Or have you already filed and are now wondering if you've missed anything? Or are you fielding those telephone calls from family and friends, voices filled with panic, asking you about any last-minute tax "tips"?

Here are several articles that you can use for reference and solace in this busy time. Pick the ones that work best for you.

Still not sure of which records you need to even prepare your tax return? Paperwork for Tax Preparation and Paperwork to Keep for Tax Time will help you gather those important records. And, while you're at it, don't forget the many Tax Form Changes for 2002. There are new rules for reporting interest and dividends, so don't overlook them.

Don't think that you can file on time? Think an extension is in your future? Then make sure to read Extension, Anybody?

How about if you find that filing the return isn't the problem -- paying the balance due is the problem! Then you'll want to read Can't Pay Your Tax Bill?

Friends or family in the Armed Forces? Then make sure to read Armed Forces Tax Relief.

Got your tax return information ready to go, but want to pay your taxes electronically? Then make sure to peruse Paying Taxes Electronically.

Just looking for some last-minute tax tips? How about 20 Foolish Tax Tips?

Concerned about an audit? You should be since The Audits Are Coming! But don't panic -- instead, read Audit-Proof Your Tax Return.

With mortgage interest rates hitting historical lows, many of you have elected to refinance your home. Did you deduct the points on that new loan? And if so, did you do it correctly? Missing the Points? is the article for you.

Any Enron still left in your stock portfolio? The Worthless Stock article might be helpful.

Did you sell your home last year? Then you might realize a gigantic tax break. Make sure to review Home Sale Rules Clarified and More Home Sale Rules Clarified to take full advantage of your potential tax windfall.

Tax season is also scam season. Don't be a victim. Be aware of some of the most popular tax scams.

Did you donate that clunker that's been sitting in your driveway for the last three years? Great -- just make sure that you know the rules and have all of the appropriate records to make your deduction stand up.

Did you win a bit of money at the casino or track last year, or even hit your state lottery for a few shekels? Good for you, but make sure that you Don't Gamble With Taxes.

Remember that not everything is deductible. And many folks struggle with insurance premiums. Are some of them deductible? Any? None? You'll find the answer in Insurance, Taxes, and Sex.

If you're an educator, don't forget about the brand-new Tax Break for Teachers.

Confused about accounting for the sale of those mutual funds? You can learn more in the article Tax Rules for Selling Mutual Funds.

Last, but most importantly, don't wait to plan your 2003 taxes until Dec. 31. Save by Planning Your Taxes Now.


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If you like the way Roy Lewis simplifies confusing tax issues, check out his just-published book, The Motley Fool's Investment Tax Guide 2002: Smart Tax Strategies for Investors. This handy 360+ page guide covers just about every tax aspect of a typical Fool's life: investing, marriage, children, education, homes, home offices, retirement accounts, medical expenses, and much more.)

April 14, 2003

 

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