Happy Tax Day!

Celebrate Good Times, Come On!

Well, maybe not quite, for most of us. CPAs are working feverishly to complete those last tax returns and extensions, and looking forward to the company parties this weekend. For the rest of us, we may be relieved, broke and/or worried now!

Today's issue of "Personal Finance for Real People," sponsored by:

Probably the most oft-heard question for me on April 15 of each year is, "What if I'm not done with my taxes? What do I do?" Well, PANIC!!! No, not really.

Usually, people are late for one of three reasons:

1) They are waiting for that last W-2 or 1099 to show up.

2) They are trying to decide on those final expense item amounts.

3) They just procrastinated too long, and there is no hope of filing on time.

If you are waiting for a form, but you know what data should be on it, there is no need for concern. If you need a W-2, but have your final paycheck of the year from the provider, then just copy the information from that last pay-stub as if it came from a W-2. If you file electronically, there is no need to attach forms anyway, so you should be fine.

If you are waiting for a 1099, stop waiting. Just be sure to include the amounts from any unreceived 1099 forms in "Other Income" on your Schedule C or Schedule K, and be done with it. The form may never come, but it doesn't matter, as long as you counted the income in your calculations.

If you are unsure of an expense amount, it is OK to guesstimate. Unless you are way off, it should not throw up any red flags. If you missed by a lot, you can always file a 1040X later to correct your return.

It is important to file by today if you want to get your stimulus check in May. If you file an extension, or if you file late, you might not get your stimulus check until October.

If you procrastinated, here is what you should do. First, calculate all of your income amounts. Second, estimate your deductions. Third, determine what your tax is based on these rough figures. Fourth, complete Form 4868 and request a six-month extension to file, and include any estimated tax due, and mail the form by midnight tonight.

If you know that you will have a refund coming, you don't really even have to file Form 4868. Just be sure to file when you have your numbers together.

Some people are confused about the stimulus check. Let me try to clear it up for you.

Basically, every person who has at least $3,000 of earned income (including SS, disability, and retirement income), and files a return showing this income, will receive at least $300 from the stimulus package. If you paid income tax, you will receive up to $300 of that tax back in addition to the first $300, which means you could receive up to $600. For a joint return, this is $600 - $1,200. If you have children, who qualify as dependents, you will receive $300 per. If they file their own tax returns, they will receive their own refund, but you won't get $300 for them. Those are the breaks!

Anyway, this is a special edition, so I made it short-and-sweet. See you on Saturday!