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NORTON NEWSLETTER
THE REAL ESTATE TAX PRO ™
NortonAccountingServices.com 985-690-4498 Info@NortonAccountingServices.com MARCH 2024
EASE OF MIND • AVAILABILITY • FLEXIBILITY • INDIVIDUAL APPROACH • EXPERIENCE • TAX SAVINGS OPPORTUNITIES
ARE YOU CHOOSING THE RIGHT PATH? TAX EXTENSION DILEMMA
Are you filing for a tax extension for the right reason? There are many reasons why individuals and businesses opt for tax extensions, but they aren’t always the right reasons, which leads to penalties and interest payments. Here are strategies for filing extensions and tips for doing them effectively. Why file a tax extension? A common motivation for delaying a tax return is the belief that it will delay the payment deadline — this is not true. Payment is due on April 15, whether or not an extension is filed. If payment isn’t made, interest will start accruing. You must make an estimated payment by April 15 to avoid interest and penalties. I can assist you with this and help you determine the estimated tax due. If it turns out that you overpaid, the IRS will issue a refund. We proactively file extensions for all of our clients one month before the due date. This ensures we never miss an important deadline. But you will be responsible for payments. If you cannot pay the total amount by the due date, I can help you with options for setting up tax payments. However, if we are notified two days before the deadline, it doesn’t give us proper time to prepare and process documentation. What are the business and personal tax deadlines? The due date for filing business taxes is March 15. The estimated tax payment is due on Jan. 15. Some business owners, especially those with S-Corporations doing payroll for themselves, might need to withhold more taxes throughout the year.
If we have the data, we can determine the correct amount to withhold for quarterly estimated payments so you won’t have a large bill due at the end of the year. Any time there is a significant change in earnings or profits, your estimated payments and withholdings must be adjusted. Personal taxes are due April 15. Individuals who are W-2 employees have taxes withheld by their employer and rarely have issues caused by not withholding enough. However, if you have a large amount due when you file your taxes, request that your employer increase withholdings. How do I set up a payment plan? The IRS is always willing to take your money. So, they will work with you to resolve past-due payments or set up a payment plan for current bills. You can file for a payment plan at the same time you file your tax return. Automatic monthly payments will be set up; you can adjust them later if circumstances change. You will remain in good standing with the IRS as long as payments are made on time. When sending in payments, it is important to include the appropriate paperwork. Without it, the IRS may misallocate the funds. For example, today’s payment might be credited as an estimated tax for the current year instead of a payment toward the previous year. Or they may apply a business payment to your personal account or vice versa. If the IRS has to guess, they will guess wrong.
April 15 is considered on time, even though it hasn’t reached the IRS yet. However, the IRS doesn’t know it is on its way. Send it certified mail so you have documentation to submit to the IRS if mail is delayed and they request documents or payments. What happens during national disasters? Tax deadlines are extended when a federal national disaster is declared. During the onset of the pandemic, a national disaster was declared. Filing and payment dates were pushed back to July. In September, a national disaster was declared in Louisiana. Those who live in the affected parishes may have extra time to file taxes. Please check with your local accountant to confirm you are in the affected area and to determine the due dates. The details for each natural disaster are different, and, of course, the government needs to have specific documentation.
Don’t get blindsided by surprises. Let us take the stress out of your taxes. –Bob Norton
Ensure all documents and payments sent to the IRS have a time stamp. Anything mailed on
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TRY THESE PRACTICAL HACKS TO TACKLE PESKY PROBLEMS Streamlined Solutions
Get rid of wrinkles on your clothes. Are you tired of using your steamer or iron to get annoying wrinkles from your pants and shirts? Toss a wet washcloth or a couple of ice cubes into the dryer with your clothes. The steam will work out the wrinkles and leave your clothes smooth. It’s not as effective on heavier fabrics, but with light fabrics, it’s incredible and takes less than 10 minutes. Start a fire with dryer lint. Are you going camping or planning a bonfire in the backyard? It’s sometimes hard to start a fire, but if you have dryer lint, stuff it into a paper towel tube or toilet paper tube and use it as kindling. Lint lights up easily and burns quickly to form a strong base for a fire. Use a staple remover to open key rings. It can be difficult to get a key on a key ring, but using a staple remover is a way to save your patience and your fingernails. Slide the teeth of the staple remover between the coils of the key ring, then clamp down on the remover and pop your new key on the key ring. Get permanent marker off of a dry-erase board. You were writing on your whiteboard with a marker, but oh no! You accidentally used a permanent marker and left a permanent stain on it. Don’t fret. Get a dry-erase marker and draw right on top of the permanent marker lines. Then, wipe the board off with a dry cloth or a whiteboard eraser, and the marks will disappear. Get Bluetooth trackers for things you can’t afford to lose. We all have things we can’t live without: our phones, laptops and tablets, keys, wallets and purses, and so on. Sometimes, despite our best efforts, we misplace them, but this is where Bluetooth trackers come in handy. Small, convenient, and inexpensive, these trackers stick to your items and help you locate your belongings if they go missing. These life hacks will help you save time, money, and energy, allowing you to use your valuable time for other things. Give them a try today and see how much easier things can be.
Life hacks have become essential for navigating the complexities of daily life, offering ingenious solutions to streamline tasks, boost productivity, and simplify routines. Everyone can use simple solutions to make everyday life easier to manage and alleviate stress. Here are a few hacks to handle some of the peskier problems, which will save you time and money. Remove highlighter with lemon juice. You’ve just gotten a book from your local used bookstore, but it’s covered in highlighter marks. Lemon juice works wonders to remove highlighter marks in books! Dip a cotton swab into lemon juice and gently rub it along the highlighted text. The color will fade and be virtually invisible. Use nail polish to make your frequently used keys stand out. Do you have a lot of keys on your keychain? Try this handy tip. After identifying the key’s purpose, paint it with nail polish or wrap the head in painter’s tape. Stop your bathroom mirror from fogging up. If you want to stop your bathroom mirror from fogging after a hot shower, shaving cream or car wax can help. Grab a microfiber cloth, apply a small amount of either one, let it dry on the mirror, and then buff it clean. Your mirror will remain clear the next hot shower you take.
Light long candles with spaghetti. During the cold winter months, candles
come in handy to make your house feel cozy. Unfortunately, the candle wicks are sometimes too hard to reach with conventional matches and lighters. There is a solution: If you have uncooked spaghetti, you can use it to light those candles. Light the spaghetti, then put the flame to your wick. You’ll save your fingers from burns and use
more of your candle.
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Sometimes, heroes come sans cape but with fur, paws, and a keen sense of smell. We’ve heard the stories of police dogs, bomb-sniffing dogs, and the German shepherd Trakr, who found the last survivor on 9/11. But even untrained pets and strays can be heroic. Meet Jack, a stray dog in New York City known for scavenging through dumpsters. One early morning, his routine search for food took a life-saving turn. Behind one of these dumpsters was a baby, wrapped in a blanket, vulnerable and alone. Instinctively and with remarkable gentleness, Jack picked up the baby in the blanket with his teeth. Whether guided by fate, an extraordinary sense of purpose, or just because it was the closest open business, Jack took the baby to the hospital. The nurses tried to shoo him away when he first ran through the sliding doors. One nurse, noticing the bundle in the dog’s mouth, was able to get close enough to retrieve the baby. Thanks to Jack, the baby received life-saving medical attention. In the 1920s, the remote town of Nome, Alaska, grappled with a deadly diphtheria epidemic. Children were dying, and the icebound city was inaccessible by plane or boat in the winter. The only way to deliver the needed antitoxins was by dog sled on the Iditarod Trail. Balto, a Siberian husky, received most of the fame, but Togo, another husky, led the team 3 FURRY HEROES Jack, Togo, and Bandit Went Above and Beyond
across the most treacherous part of the journey. These dogs delivered life- saving medicine in time and saved many of Nome’s children.
Cats can be heroes, too, as proved by a calico cat who lived up to his name in the most unexpected way. One night in Mississippi, intruders were trying to break into a home. The house cat, Bandit, sensed the danger and sprang into action. The cat’s relentless scratching and tugging at its owner’s blanket finally woke him. Then Bandit led his human downstairs to discover the attempted break-in, which also scared away the intruders. Bandit proved that size and species don’t matter in heroism. In moments of crisis, these four-legged heroes rose to the occasion, not for glory or reward but out of pure love and loyalty. They are potent reminders of the courage and selflessness that animals are capable of.
TAKE A BREAK
The new year is all about new and fresh beginnings. So, why not start the year with a quick, refreshing meal that is both flavorful and nutritious? Bell Pepper Sandwich Inspired by TheSpruceEats.com
Ingredients
• 1 medium bell pepper, any color • 2–3 tbsp cream cheese • 1 tsp whole-grain mustard • 2 oz ham (or other deli meat), thinly sliced • 1 1/2 oz Swiss cheese, thinly sliced
• 1/2 small cucumber, cut into 6–8 thin slices • 2 tbsp guacamole or a few slices of avocado • Dash of salt and pepper
Directions
Aquamarine Basketball Butterfly Clover
Daffodil Green Ides Leprechaun
Madness Spring Tangerine Women
1. On a cutting board, remove the stem of the bell pepper with a sharp knife. Cut the pepper in half lengthwise and remove the ribs and seeds. 2. Lay the pepper halves on the cutting board and spread cream cheese inside each half. Spread whole-grain mustard on top of the cream cheese. 3. Layer your deli meat, cheese, cucumbers, and guacamole on each bell pepper half. Add a dash of salt and pepper, then combine both halves and serve!
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Norton Accounting Services, LLC
THE REAL ESTATE TAX PRO ™
PRST STD US POSTAGE PAID BOISE, ID PERMIT 411
NortonAccountingServices.com 985-690-4498 Info@NortonAccountingServices.com
1527 Gause Blvd. Ste. 132 Slidell, LA 70458
INSIDE 1
Taming Your Tax Bills — The Art of Effective Payment Plans
2
Save Time and Resources With These Handy Tricks
3
3 Pet Hero Stories
Bell Pepper Sandwich
4
Skin Signals of Liver Disease You Can’t Ignore
What Your Skin Says About Your Liver Health
You can’t live without your liver. Livers help clean blood, ensuring your body is free from toxins. It also produces bile, an acid that digests waste. Unfortunately, livers can be damaged in a myriad of ways. Catching liver disease early allows doctors to treat it quickly, so it’s crucial to check for any symptoms of liver problems, especially if you are at risk. Yellow Skin Commonly called “jaundice,” a yellowing of the skin and eyes is a telltale sign of liver disease. The liver’s inability to filter out bilirubin causes this unseemly syndrome. This important yellow substance is made during the breakdown of blood cells and used by the body to help digest food. A healthy, functioning liver filters out most bilirubin. Itching Besides jaundice, a common symptom of bilirubin buildup is itchy skin. Bilirubin creates “bile salts” that are deposited into the skin. The
result is intense itchiness. Note that itching can be from a variety of causes, including allergies. Spider Angioma These superficial red marks appear as a mass of tendrils centering around one point and look like a spider. While they are relatively common, an excess of spider angioma can indicate liver problems. Having three or more at a time can be a sign of a more significant issue, including hepatitis, rheumatoid arthritis, or cirrhosis. Red Palms Rashy red palms — or palmer erythema — can point to many problems. Excess estrogen causes this symptom, so hormonal changes are often the culprit. Nonetheless, liver disease makes it difficult for the body to break down estrogen. Easy Bruising Clotting proteins, which help the body repair injuries, are produced in the liver. If the liver is
diseased or damaged, it may produce fewer proteins. In addition, liver disease lowers the amount of blood platelets. This also can cause easy bruising. No one can live without a functioning liver, so protect the health of your liver. Drinking in moderation (or not at all), taking vitamin B, and getting regular exercise can promote a healthy liver.
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