The Leading Business Education Network for Doctors, Financial Advisors and Health Industry Consultants

2011 Tax Tips for 2012 [Are You Ready to File?]

By Children’s Home Society of Florida Foundation

The IRS published information letters last week to assist taxpayers who are filing their taxes before the April 17, 2012 deadline. Doctors, dentists and some other medical professionals may especially need some help.

And, the IRS YouTube channel is the fourth most popular government channel.

The IRS receives about 1 million views per year. Taxpayers may find several YouTube programs helpful. They are available in English, Spanish and American’s Sign Language.

IRS YouTube Programs

* Need more time to file your tax return?
* Last-Minute Tax Tips
* IRS Tax Payment Options
* Owe Taxes but can’t pay?
* When will I get my refund?

Smart Phone Accessible

The IRS YouTube videos are also available on iPhone or Android through the IRS2Go application that may be downloaded through the App Store or Android Marketplace. This is a nice feature for doctors interested in m-health.

For individual physicians who need extra time to file, it is possible to request an extension with Form 4868 (either electronically or by paper). This extension filing requires that you estimate and pay the correct tax, but your time to file is extended to October 15th. If you do not pay the correct tax, there is interest of 3% per year and a late penalty of 0.5% per month on the balance.

The Exceptions

There are three exceptions to the filing date. If you live and work abroad or are on military duty outside the U.S., you may pay on April 17 and file by June 15. Military members serving in Iraq or Afghanistan may file 180 days after departing the combat zone. Finally, several federal disaster areas in the Midwest are permitted to file and pay on May 31.

Need More Time?

Some taxpayers will need more time to pay. If your tax, penalties and interest are $50,000 or less, you may request a payment agreement from the IRS with Form 9465-FS. If you are unemployed or self-employed with a 25% reduction in income for 2011, you may file Form 1127-A to request permission to pay by October 15, 2012. You still must to pay the tax plus interest at that time.

Assessment

Finally, if you have a substantial overdue tax obligation, you may be able to negotiate an “offer-in-compromise” with the IRS. This will require the IRS to review all of your income and assets to make a determination as to the correct tax payment.

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Link: http://feeds.feedburner.com/HealthcareFinancialsthePostForcxos

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

Our Other Print Books and Related Information Sources:

Health Dictionary Series: http://www.springerpub.com/Search/marcinko

Practice Management: http://www.springerpub.com/product/9780826105752

Physician Financial Planning: http://www.jbpub.com/catalog/0763745790

Medical Risk Management: http://www.jbpub.com/catalog/9780763733421

Hospitals: http://www.crcpress.com/product/isbn/9781439879900

Physician Advisors: www.CertifiedMedicalPlanner.org

Filed under: Taxation | Tagged: filing taxes, income tax, IRS Help for Last-Minute Tax Filing Doctors, tax deadline | 2 Comments »