Tips on making the last-minute, tax-filing story fresh
By Flickr.com user alancleaver_2000
As of Monday, March 15, readers have exactly one month to get their 2009 income tax returns filed.
Or at least, they have one month to file an extension request,which is automatically granted and buys them another six months to finally get that financial file organized. (Just remember to remind your audience that they still are required by law to guestimate their tax bill and make sure a check for that amount is postmarked April 15, lest penalties and interest kick in. )
The last-minute, tax-filing story is a spring staple and a valuable one for readers – especially in a year with a lot of quirky credits, as noted in one of my previous blog posts, and in a year when many people have experienced extreme fluctuations to their income.
Be sure to remind readers that unemployment benefits are indeed taxable as ordinary income and must be claimed on 1040 forms. This post enumerates some of the tax breaks for job seekers and the unemployed.
Keep the story fresh by talking with CPAs, enrolled agents (who represent taxpayers before the IRS) and tax-preparation chains for information about trends and patterns in your area. How’s business, for one thing. AP reported that more filers are trying the DIY approach rather than paying hundreds of dollars for professional advice.
These are the people who see the nitty-gritty details of a community’s financial life – fewer charitable deductions, more unemployment benefits claimed as income or early withdrawals from 401(k) plans, higher medical-expense deductions (by those who have lost health insurance) or other signs of trouble. They are in a unique position to give you a read on the local economy. And with a little diplomacy on your part, they might also introduce you to clients willing to speak on the record about their changing fiscal circumstances.
This is their busy time of year, so be patient, but tap these experts while the details still are top of their minds. Keep in mind that sole proprietors – CPAs who work alone, certified financial planners who also practice as CPAs and some enrolled agents – may be more candid than those employed by large firms.
Planning ahead: Here’s a look at economic releases and other newsworthy events coming up next week. Remember the building-permits report – augmented by scrutiny of your county’s permit applications – is a great segue into a construction industry package.
Mar. 15: Federal Reserve industrial production
Mar. 16: Census Bureau building permits, housing starts
Mar. 17: Department of Labor producer price index (wholesale prices), St. Patrick’s Day
Mar. 18: Department of Labor consumer price index
