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Double Bottom
Sounds kind of dirty, right? Actually, it's because of a clean visual that technical analysts use this term. Technical analysts like charts (hence their nickname of "chartists"), and they like to give certain patterns they see neat little names.
Such is the case with the double bottom, which looks on a chart like, well, a double bottom. Think of three mountains (on a chart reflecting a rise in values) separated by two valleys (representing dips in value). The troughs of the valleys, and the size of the first two peaks, are generally the same, so the chart looks like the letter 'W.' The appearance of those two valleys represents a double bottom.
So what? Well, if you're one of those folks who believes in the power of the charts, seeing a double bottom suggests a long-term trend is about to reverse. So, if a stock chart shows shares falling for several months, then seeing a double bottom, chances are good (according to the chartists) that the shares will rise. And vice versa.
But, beware: charts can be a great tool, but they're more art than science. Use any charts with caution.
Home / Personal Finance / Financial Planning / Tax
Friday, April 11, 2008
Your Money Matters
How to Request an Extension and Other Tips for Procrastinators
Gail Buckner
FOXBusiness
Dear Friends,
If tax season were a football game, we’d be down to the last two minutes of play. Time is quickly running out! (Isn’t it funny how back in January it felt like you had all time in the world?)
Here’s the good news: Anyone can request more time, a.k.a. an “extension” and you don’t even need to explain why.
The bad news? This only gives you more time to complete the paperwork. You don’t get more time to send in your money.
How to Request an Extension
There are several ways to file for an automatic extension. Just keep in mind that the deadline for requesting one is midnight April 15.
1. Mail in Form 4868: Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. This process is free if you do it yourself. If you use a tax preparer, s/he might charge a small fee.
2. Use the online Internal Revenue Service’s “Free File” program. If your adjusted gross income [AGI] is $54,000 or less, there is no charge to use the online software to do this.
3. File for free using your own tax software.
Any of the above methods will automatically get you an additional six months (until October 15) to submit your completed tax return. Both Form 4868 and Free File can be accessed on the IRS Web site, www.irs.gov.
Payment, Please
When you file your extension, you’re expected to submit payment for your estimated income tax bill. If you don’t pay at least 90% of this amount by midnight April 15, you’ll be hit with a late payment fee and you’ll be charged interest on any unpaid balance.
Enclose a check or money order with your tax return if you’re sending it in the mail, but do not staple your check to your return. Make it out to “United States Treasury." The names and address on your check should match the information on your return. (Writing your Social Security number on your check is not recommended due to the potential for identity theft since you never know who may see your check as it’s processed.)
You can also authorize the IRS to electronically debit your bank account via its Electronic Funds Withdrawal option. It’s a good idea to check with your bank to make sure it can accommodate this. You’ll also need to know the bank’s “routing” number (don’t worry, the branch manager will know what you’re talking about) and the account number of the account you want the money withdrawn from.
Do NOT Request an Extension if….
…you’ve filled out your tax return, but don’t have the money to pay your tax bill. In this case, file your tax return and pay as much as you can. You’ll receive a notice from the IRS for the balance due. Then you can figure out how to come up with the rest of the money.
I Don’t Have the Cash
Not to worry: The IRS takes plastic! Just call or long onto the Web site of one of the two providers the IRS has an agreement with.
Link2Gov Corporation
Phone: 1-888-PAY-1040 (1-888-729-1040)
Online: www.pay1040.com
Official Payments Corporation
Phone: 1-800-2PAY-TAX (1-800-272-9829)
Online: www.officialpayments.com
The IRS wants you to know “the service providers charge a convenience fee.” This fee may vary, so check with each provider. (You’ll have a chance to cancel the transaction after you find out.) If you take this route, be sure to write down the payment confirmation number that you receive.
I’d Rather Not Use My Credit Card
No problemo! You can apply online for an IRS installment agreement and receive instant approval.
(You gotta admit they’re making this as easy as possible.) You can locate the application on the IRS Web site. From there, click on 1040 Central.
If you prefer, you can also apply by sending in Form 9465, Installment Agreement Request. This can be downloaded from the IRS Web site.
You can choose to make monthly payments for all or part of the amount of income tax you owe.
Frankly, provided you keep up with the payments, this is probably a lot less expensive than putting your balance on your credit card bill and getting whacked with 18% or more in interest on your unpaid balance.
Little Things Mean a Lot
As with many things in life, it’s the details that can really mess you up, especially if you’re submitting your tax return by mail. Here are some friendly (I mean it) reminders from the IRS:
This final tidbit is all mine: Print legibly! Don’t expect some over-worked IRS employee to get squinty-eyed trying to decipher your chicken scratch.
This is especially important if you are due a refund because it will delay the processing of your return. If you owe the government money sloppy paperwork just annoys people. If there’s a problem, you don’t want to start out with some IRS examiner who is already ticked off at you.
Where’s My Refund?
Glad you asked! As a matter of fact, the IRS has an interactive tool with that exact name on its Web site. Use it to confirm that your return was received and whether it’s still being processed. You can also learn the date that your check was mailed or money was electronically deposited into your bank account.
If you requested that your refund be mailed to you, but haven’t received it by the time it was expected, the "Where’s My Refund?" function might have an important message for you: Your check was returned to the IRS because you don't live at the address it has on file for you. In this case, you can update your information online.
Watch Out for IRS Copycats
Every single “Tax Tip” notice the IRS issued this year ended with the following warning, so I assume there’s a good reason:
Remember that for the genuine IRS Web site be sure to use .gov. Don’t be confused by Internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS government Web site is www.irs.gov.
Hope this helps,
Gail
If you have a question for Gail Buckner and the Your $ Matters column, send them to: yourmoneymatters@gmail.com, along with your name and phone number.
If tax season were a football game, we’d be down to the last two minutes of play. Time is quickly running out! (Isn’t it funny how back in January it felt like you had all time in the world?)
Here’s the good news: Anyone can request more time, a.k.a. an “extension” and you don’t even need to explain why.
The bad news? This only gives you more time to complete the paperwork. You don’t get more time to send in your money.
How to Request an Extension
There are several ways to file for an automatic extension. Just keep in mind that the deadline for requesting one is midnight April 15.
1. Mail in Form 4868: Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. This process is free if you do it yourself. If you use a tax preparer, s/he might charge a small fee.
2. Use the online Internal Revenue Service’s “Free File” program. If your adjusted gross income [AGI] is $54,000 or less, there is no charge to use the online software to do this.
3. File for free using your own tax software.
Any of the above methods will automatically get you an additional six months (until October 15) to submit your completed tax return. Both Form 4868 and Free File can be accessed on the IRS Web site, www.irs.gov.
Payment, Please
When you file your extension, you’re expected to submit payment for your estimated income tax bill. If you don’t pay at least 90% of this amount by midnight April 15, you’ll be hit with a late payment fee and you’ll be charged interest on any unpaid balance.
Enclose a check or money order with your tax return if you’re sending it in the mail, but do not staple your check to your return. Make it out to “United States Treasury." The names and address on your check should match the information on your return. (Writing your Social Security number on your check is not recommended due to the potential for identity theft since you never know who may see your check as it’s processed.)
You can also authorize the IRS to electronically debit your bank account via its Electronic Funds Withdrawal option. It’s a good idea to check with your bank to make sure it can accommodate this. You’ll also need to know the bank’s “routing” number (don’t worry, the branch manager will know what you’re talking about) and the account number of the account you want the money withdrawn from.
Do NOT Request an Extension if….
…you’ve filled out your tax return, but don’t have the money to pay your tax bill. In this case, file your tax return and pay as much as you can. You’ll receive a notice from the IRS for the balance due. Then you can figure out how to come up with the rest of the money.
I Don’t Have the Cash
Not to worry: The IRS takes plastic! Just call or long onto the Web site of one of the two providers the IRS has an agreement with.
Link2Gov Corporation
Phone: 1-888-PAY-1040 (1-888-729-1040)
Online: www.pay1040.com
Official Payments Corporation
Phone: 1-800-2PAY-TAX (1-800-272-9829)
Online: www.officialpayments.com
The IRS wants you to know “the service providers charge a convenience fee.” This fee may vary, so check with each provider. (You’ll have a chance to cancel the transaction after you find out.) If you take this route, be sure to write down the payment confirmation number that you receive.
I’d Rather Not Use My Credit Card
No problemo! You can apply online for an IRS installment agreement and receive instant approval.
(You gotta admit they’re making this as easy as possible.) You can locate the application on the IRS Web site. From there, click on 1040 Central.
If you prefer, you can also apply by sending in Form 9465, Installment Agreement Request. This can be downloaded from the IRS Web site.
You can choose to make monthly payments for all or part of the amount of income tax you owe.
Frankly, provided you keep up with the payments, this is probably a lot less expensive than putting your balance on your credit card bill and getting whacked with 18% or more in interest on your unpaid balance.
Little Things Mean a Lot
As with many things in life, it’s the details that can really mess you up, especially if you’re submitting your tax return by mail. Here are some friendly (I mean it) reminders from the IRS:
- Sign your return. If you’re married and filing with your spouse, both of you must sign it. It’s not considered a “valid” return until properly signed.
- Include a phone number where you can be contacted during the day (local time) if questions arise.
- Attach (as in staple) all copies of wage and income statements to the front of Form 1040/1040A. These include your W-2, W-2G, Form 2439 and 1099-R (if your received a distribution from a retirement plan or IRA.)
- In contrast, all other schedules and forms go behind the last page of your return. These should also be attached.
- The coded envelope the IRS sends you helps get your return to the right processing center. Use it.
- While the IRS and Postal Service are both part of the federal government, they don’t cut each
other special deals. Make sure you put the proper postage on your tax return package!
Not doing so guarantees your return will be sent back to you. If you’re filing close to the April 15 deadline, you risk having
your return arrive late. The interest and penalties that will be assessed will probably exceed the postage you should have
paid.
This final tidbit is all mine: Print legibly! Don’t expect some over-worked IRS employee to get squinty-eyed trying to decipher your chicken scratch.
This is especially important if you are due a refund because it will delay the processing of your return. If you owe the government money sloppy paperwork just annoys people. If there’s a problem, you don’t want to start out with some IRS examiner who is already ticked off at you.
Where’s My Refund?
Glad you asked! As a matter of fact, the IRS has an interactive tool with that exact name on its Web site. Use it to confirm that your return was received and whether it’s still being processed. You can also learn the date that your check was mailed or money was electronically deposited into your bank account.
If you requested that your refund be mailed to you, but haven’t received it by the time it was expected, the "Where’s My Refund?" function might have an important message for you: Your check was returned to the IRS because you don't live at the address it has on file for you. In this case, you can update your information online.
Watch Out for IRS Copycats
Every single “Tax Tip” notice the IRS issued this year ended with the following warning, so I assume there’s a good reason:
Remember that for the genuine IRS Web site be sure to use .gov. Don’t be confused by Internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS government Web site is www.irs.gov.
Hope this helps,
Gail
If you have a question for Gail Buckner and the Your $ Matters column, send them to: yourmoneymatters@gmail.com, along with your name and phone number.
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