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2015 Tax Filing Tips

Mandi Woodruff

With Mandi Woodruff, Reporter – Yahoo Personal Finance

Missed filing your taxes last year? In a panic, with tax time approaching? Think you may want an extension beyond the April 15 deadline? Mandi gives us the pros and cons of various tax filing conundrums, with a brief background on fees and penalties. Despite reports of staffing cutbacks at the IRS, she believes they will work with you to reasonably accommodate payment plans, etc. – as long as you’re not trying to pull one over them (which, in any case, is really hard to do unless you have a sophisticated tax lawyer) – so your best bet is to play it straight and be honest on your tax filings.

Try and cheat the IRS, and they will find ways to get the money you owe them and then some – the laws of our land give them enough power to take money back from you, directly from your bank, pay check or social security account. So gather your paperwork, and use online tools or companies such as H&R Block to file and pay your taxes on time. Also find out if it makes sense to relocate abroad – for tax, lifestyle, cost of living, or other reasons.

SOURCESYahoo! Finance
I've been an investment strategist and adviser for over 35 years, leading with a mission of unbiased advice to educate and protect listeners on my weekly radio show on NPR affiliates nationwide. I have been named a “Top 100 Wealth Advisor” by Worth Magazine and “Top Advisor” by Reuters.