 |
|
|
|||||
If you’re finding yourself contemplating whether you can get an extension on this year’s tax return, you’re not alone. Forty percent of Americans still haven’t filed. Theres something almost perverse about the IRS placing tax day smack-dab in the middle of the loveliest month of the year. Want to enjoy the warm weather, cherry blossoms, and the sunshine reflecting off the pasty white skin of everyone venturing outside for the first time since last fall? Too bad! You have to excavate all of your financial decisions from the previous year while simultaneously trying to remember your math skillsor risk the wrath of an IRS agent named Spike. Thats why its something of a relief that every American taxpayer can get an automatic six-month extension on filing their federal income taxes. But, since this is the IRS were dealing with, there is a catch: You still have to pay what you owe by Tax Day. If filing your 2024 taxes has crept up on you this year (when did it get to be April already?), heres what you need to know about getting an extension while staying on Spike the Auditors good side. File for an extension with Form 4868 While all taxpayers are eligible for an automatic tax return extension, you still need to request one. Thats where Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return comes in. Anyone who fills out and turns in Form 4868 (which can be filed electronically using IRS Free File) by the tax filing deadline of April 15, 2025, automatically receives a six-month extension for filing their 2024 taxes. This pushes the tax filing deadline back to October 15, 2025. Unlike your 1040 and other required tax forms, Form 4868 does not require a great deal of information from you. All you need to provide on this form is the following Your name Current address Social Security number Estimated tax liability for 2024 Amount of 2024 tax you have already paid The form also asks you to subtract your total 2024 payments from your estimated liability to calculate your balance due. Once you have completed and filed the form, you will automatically receive the filing extension. Just remember that youve only extended the deadline for filing your tax paperwork. You still have to hand over your estimated tax liability by April 15. Estimate your tax liability If you, like me, have never once figured out your tax liability (or overpayment, in the years you get a return) without actually filing your taxes, you might be wondering how youre supposed to calculate your estimated tax liability for Form 4868. It doesnt help that the IRS offers this not-at-all ominous warning on Form 4868: Make your estimate as accurate as you can with the information you have. If we later find that the estimate wasnt reasonable, the extension will be null and void. Just in case you werent already stressed about tax season. Thankfully for those seeking a tax return extension, there are some guidelines for making a reasonable estimate of your tax liability. Knowing whats reasonable Since one taxpayers reasonable is anothers gross negligence, the IRS helpfully defines a reasonable estimate as being 90% of the total tax you owe. If your estimate is at least 90% of the real number, and if you pay the remaining 10% or less balance when you file your tax return by the end of the six-month extension period, the IRS considers you all good. W-2 employees Traditionally employed taxpayers will typically have the easiest time estimating their liability. If you remained in the same job in 2023 and 2024 and your income didnt change a great deal, youll just need to look back at your total tax liability for 2023. Go back to your 2023 tax return and check line 24, labeled your total tax. When youve found your 2023 total tax number, subtract the following from it: Any taxes you have already paid in 2024, includingmoney withheld from your paychecks by your employer any estimated tax payments you made Any 2024 tax credits you qualify for, includingthe child tax creditthe child and dependent care credit the earned income tax credit Taking your 2023 total tax liability and subtracting any 2024 taxes paid and 2024 tax credits from it should give you a reasonable approximation of your current liability. Self-employed taxpayers Freelancers, gig workers, entrepreneurs, and small business owners seeking a tax return extension have a tougher task ahead of them when estimating their tax liability. Instead of a handy-dandy W-2, these taxpayers have to rely on their own records to know their income and estimate their taxes. For these taxpayers, start with your total profits and losses from 2024 to get a back-of-the-envelope estimate of your income for the year. Plug that income estimate into a marginal tax rate calculator like this one from Bankrate to calculate your tax liability. Once you have that number, you can subtract any quarterly estimated taxes you paid in 2024, as well as any tax credits you qualify for. This should give you a reasonable estimate of your liability. Job-hopping taxpayers If you had more than one job in 2024, had an extreme change in your income, or otherwise had kind of a weird year money-wise, its probably best to calculate your tax liability with the IRS 1040-ES Estimated Tax Worksheet. This is a 12-page form, which means it will take more work than filling out Form 4868. (It may even be the IRSs Machiavellian scheme to encourage procrastinating taxpayers to just file their taxes already, since this requires almost as much work). But using the 1040-ES will give you the most accurate method of calculating your tax liability if you need to file for the extension. Pay what you oweor else pay even more If you dont cough up the taxes you owe by April 15, there will be consequencesof the financial variety. The first consequence is a late payment penalty. This penalty charges you 0.5% of the unpaid taxes per month or partial month that the taxes remain unpaid. For example, lets you owe Uncle Sam $5,000 for your 2024 taxes. Instead of making the $5,000 on April 15, you wait to pay until you file your tax return on October 15. You will face a 3.0% penalty or $150 because you made your payment six months after the April 15 deadline. The second penalty youll face will be interest chared on your unpaid taxes, which can really be a pain in your bank account. The IRS sets its interest rate at the federal short-term rate, plus 3%, and it changes the rate on a quarterly basis. As of April 2025, the IRS currently charges an interest rate of 7% per year, compounded daily, for underpayment of individual taxes. That means waiting until October 15 to pay your $5,000 in taxes would mean owing $178 in interest (provided the rate does not change). And that interest will continue to accrue until you pay what you owe. Dont forget about state taxes If you live in a state with income tax, you probably need an extension for your state tax filing deadline, too. The good news is that many states automatically grant an extension for state taxes when you apply for a federal tax extension. But thats not true of all statessome require a separate form to receive a state-level extension. You can find out what your state requires here. Just remember that you also have to pay your state income tax by the spring tax deadline, even when you apply for a state-level extension. Theres no avoiding the spring tax payment. Give yourself some breathing room If tax season snuck up on you, an automatic extension can give you more time to file your taxes. Just remember that Uncle Sam still expects the money you owe him on April 15.
Category:
E-Commerce
In Abbey Roads Studio One, even a lick of paint could ruin everything. Famous for hosting Adele, Harry Styles, and U2, its where the scores of Star Wars, Harry Potter, and Wicked were recorded, as well as the soundtracks of blockbuster games like Call of Duty, Halo, and Final Fantasy. Its also where Ryan Gosling delivered his memorable Im Just Ken for Barbie. Nearly a century after its opening, Studio One underwent a six-month, multimillion-pound refurbishment, with the main priority being the preservation of one very important thing: the sound. What we dont want to do is change the acoustics, so every minute detail in the room has been conserved and preserved, so the sound doesn’t shift, said Sally Davies, managing director of Abbey Road Studios. The reverb of the 4,844-square-foot room has been maintained at 2.3 seconds, the same as it was in the 1970s. Theres been no redecorating or style makeover, leaving the original art deco wall panels untouched. We have simply washed down the walls to preserve that sound, said Davies, adding that the floor was re-sanded and oiled, but not varnished. Most of the upgrades, she explained, are technological upgrades in the control room. This room is just about preserving that magic. A pilgrimage for music fans Opened in 1931, this hallowed hallonce a nine-bedroom house on a grand suburban street in Londons St. Johns Wood neighborhoodbecame the worlds first recording studio. Its where stereo was invented and its visited every day by music fans from around the world, who are happy just to stand on the street outside. Davies says that more than a million people a year make a pilgrimage to the crossing outside, many to recreate the cover of the Beatles Abbey Road albumand that number could increase after Sam Mendess upcoming biopics starring Paul Mescal, Barry Keoghan, Harris Dickinson, and Joseph Quinn as the Fab Four. And while John Lennon, Paul McCartney, George Harrison, and Ringo Starr are famously known for using Studio Two, they also made history in the larger Studio One, which they used for the worlds first global live performance, a rendition of All You Need Is Love beamed to television sets around the world in 1967. Before the Beatles, Studio One had already cemented its place in music history, when it was opened by British composer Sir Edward Elgar, who recorded his Land of Hope and Glory with the London Symphony Orchestra. Its also hosted other music greats like Maria Callas, Igor Stravinsky, Daniel Barenboim, Fats Waller, and Glenn Miller. Due to its huge size, more than double Studio Two, it can fit a 100-piece orchestra and 100-member choir at the same timewhich is perfect for recording film soundtracks, and explains why 6 to 7 out of every 10 Hollywood films are scored at Abbey Road, according to the studio. History being made Standing on the balcony, overlooking the 40-foot-high room, Davies points out the original screen that was used to show Raiders of the Lost Ark (1981) while musicians played along to record the soundtrack. Since then, everything from The Lord of the Rings trilogy to Marvels Black Panther and Guardians of the Galaxy to Barbie were scored in Studio One. For the last, all the musicians came in with something pink, whether a pink instrument or piece of clothing. Oscar-nominated composer Daniel Pemberton has been recording in Studio One since 2009 and calls his creative home a spectacular space. Outside, it just looks like a normal house. And then you come in and you find this space in it thats like almost the size of a football pitch. In fact, I have played football in there once, he laughs. Pemberton is known for scoring Spider-Man: Across the Spider Verse, Ferrari, and The Trial of the Chicago 7, and creating the Slow Horses theme song and Strange Game, with Mick Jagger. Whats so exciting about a room like Studio One is what happens on the day is what happens for the rest of time, he says. Its like history is being made, whether its good history or bad history or whatever, youre making a moment then. Pemberton notes the stories, whether personal or musical, that have unfolded within the walls of Studio One. The ghosts are insane in there, he said. Davies agrees that the history adds to the enchantment. You walk into this room and you can feel it. . . . There is a magic in the sound. It sounds phenomenal. There is a spirituality in who has been here, who has performed here, she says. So when we see artists come through, you know that immediate reaction of, Oh my gosh. Im in Studio One. To celebrate the reopening this week, Abbey Road Studios showcased an unusual art form for the space: dance, which incorporated Pembertons scores, remixed by resident artist Jordan Rakei and choreographed by Joseph Toonga. It kind of like threw me back a bit like, wow, it really is big, said Toonga of the first time he saw the studio. He then incorporated that feeling into a dance which spanned hip-hop, krumping, and ballet. Up next, the first client to record in Studio One since the refurbishment is a hush-hush Hollywood franchise. But there are lots of secrets at Abbey Road. One of them is Pembertons plan to record the unique rattling sound of the new railings for a movie soundtrack. There was concern that the hollow, art deco-style bars would upset the acoustics of the room, and a backup plan was made to fill them with sand if they messed with the reverb. Luckily, the empty bars were allowed to stay because Pemberton is delighted by the noise they make when you run past them with keysits another dramatic sound that can only be created in Studio One and will make its way into theaters around the world, via a film score. By Hilary Fox, Associated Press
Category:
E-Commerce
Walton Goggins has had an incredible run recently. Last year, he anchored Amazon’s Fallout TV show and this year is starring in Season 3 of The White Lotus and the 4th and final season of The Righteous Gemstones. These roles are feathers in the cap of the character actor who’s had star turns in The Shield, Justified, and Vice Principals. But he’s not just an actorhe’s also a small business owner. As part of his partnership with GoDaddy, he’s teamed up with the company to use its suite of AI tools to design the website for and manage his new ventureWalton Goggins Goggle Glasses. He worked with GoDaddy to create the line of glasses that resemble ski goggles and retail for $150 each, and he starred in the company’s Super Bowl ad in February. The spot highlights AiroGoDaddy’s suite of AI-powered tools that help small business owners with everything from website creation and copywriting to inventory management. In the latest episode of the Most Innovative Companies podcast, Goggins and GoDaddy CEO Aman Bhutani talked with host Yasmin Gagne about how the company helps small businesses use AI to grow. And after a bit of prodding, Goggins offered some hints about the last episode of The White Lotus Sunday night. In 2020, you said to Garden and Gun, speaking about your whiskey brand, Mulholland Distilling: Well, I’m not going to sell toothpaste. I’m not really good at selling anything. I would argue you’re pretty good at selling things. Why partner with GoDaddy? Walton Goggins: I’m a big believer in small business owners and what they do for their families and for communities. The opportunity arose when GoDaddy was looking to promote its product GoDaddy Airo. They approached me about starting a business, asking me if there’s something that I really wanted to do. I wanted to work with this company, which I’ve been a fan of for a very long time. In the past, they hosted a website for Mulholland Distilling. Part of our portfolio was already in GoDaddy when we started, so when the opportunity arose to work, I just jumped at it. Why did you decide to partner with Walton for the Super Bowl ad? Aman Bhutani: Our mission is to make opportunity more inclusive for all, and we want somebody who feels it themselves and who cares. And Walton, from the first moment we met him, cared. The glasses are awesome. What is the brand identity you’re trying to build for GoDaddy? I remember some pretty sexual ads back in the day. AB: When people think about small business, they’re sometimes talking about people that have 50 employees or 30 employees. If you go through GoDaddy’s over-20-million customer base, you’ll start with companies that have one employee. By the time you get to 10, you will have traversed 90% of our customers. They want to connect with somebody like Walton who is doing what they are doing. He’s starting a business, and it doesn’t matter how big a celebrity he is or how successful he is, it’s still hard for him to start a business. Every person watching the Super Bowl ad feels like an imposter when they start their business. The ad makes people see themselves in him. Walton, tell me about the concept of the glasses and how you built the business with GoDaddy. WG: I wear the most fashion-forward accessory you can put on the body. I’ve been collecting sunglasses for a very long time, for upwards of 28 years. I bought my first pair of sunglasses that were of real value when I was 22 years old. I saved up my money with tips. I had a valet parking business because I refused to wait tablesI was not the kind of guy that would ever get someone a glass of iced tea. I saved up my tips to buy this pair of Oliver Peoples sunglasses. They cost $250 in 1993. It was a lot of money to me. I still own that pair of sunglasses. There was a time when I was sitting in this new place where I moved with my family. We have a little ski resort not too far from our home. I was sitting around a fire, having a beer, and with ski goggles on, thinking, I don’t want to take these off! I made that mental note, and this just stayed in the back of my mind. No one’s really done this in a functional way that also brought fashion into the conversation. I pitched GoDaddy this idea. GoDaddy Airo does the things I dont know how to doto build a website, to procure all of these domain names, to regulate your inventory. Once they began to show me this product, I was blown away thinking, had this existed when I was 19 years old and I had my first business, I probably wouldn’t be an actor right now. What was your first business when you were 19? WG: The first thing I did was valet parking. The second thing I did was become a personal trainer. That’s how you got the abs. WG: Yeah, that’s exactly right. But if I’d had a website then, I would’ve had more clients. However, it did allow me to sustain myself as an artist and work only 10 or 15 hours a week. Then I started a whiskey spirits brand, Mulholland Distilling, and now, Walton Goggins Goggle Glasses. The name, Goggins Goggle Glasses: Is that a play on your character, Uncle Baby Billy, from The Righteous Gemstones and his show, Baby Billy’s Bible Bonkers? WG: Of course. It just kind of makes sense. And it was already out in the public. It just rolls off the tongue. How does Airo work with small businesses? AB: Many micro business owners or small business owners are good at what they know, but theyre not good at technology, building websites, or purchasing domain names. Instead of needing to know the domain name you want, you just describe your business, and Airo looks at millions and millions of available domains and gives five or 10 that people would remember. As soon as you buy that domain, it builds out a one-page website for you. You don’t have to pay anything for that. You can customize it a little bit. So within a few minutes, you’ve got a presence online. People can find you, you can post it to social media, and people now know who you are. You have branding; Airo can create a logo for you in a few seconds. Airo can create a social calendar for you, create posts, and upload them. Once they have a website, once [they have] inventory online and they start to use the tools, their reach increases exponentially. At what point did Generative AI change things for you? AB: Airo uses the power of Generative AI to create content. Airo does three big things: It automates a lot of tasks so our customer doesn’t have to do it. It generates content using Generative AI. Our customer might say, How do I respond to my customer? Well, Airo will generate a message for them, and then they just have to say, Yes, send it. What portion of the GoDaddy business is Airo leading? AB: We’re a decent-size business and we talk to [Wall Street] about Airo all the time. But I’m always talking about why Airo is first and foremost about discovery and engagement. The monetization should come over time. Weve had Airo for about 14 months. The first cohort of customers are just finishing their first year, and we’re seeing high retention rates because the customer is discovering and engaging with multiple products. Walton, what’s been the most useful feature for your business? WG: I’ve used them all, right? I like writing copy. I like writing texts and emails. But when it comes to communicating with an audience that you’re trying to reach for a product, it’s hard to formulate those thoughts in a vacuum. There’s also an element to this experience that allows you to capture some images and then repurpose those images. All of a sudden, that social pressure of producing things that are outside of your product is taken off the table for you. You don’t have to think about it. How did you all come up with the concept for the Super Bowl ad? AB: GoDaddy hadn’t been in the Super Bowl for eight years. We really wanted to come back and remind the world that GoDaddy is so much more than what they might remember; so many folks remember GoDaddy as a domains company, but we do so much more. What was your creative input in that ad? WG: We talked about different scenarios and what’s the best way to explain the fact that many small business owners can feel like imposters and how can we mine comedy but then land it someplace that is real and that can move you. Can you tell us what happens in The White Lotus finale? WG: Ill give you a fake ending. Everyone on The White Lotus dies, everyone. Including the staff. Its food poisoning. Not from the Four Seasons, mind you. Its nothing to do with our corporate sponsors. It’s from a delivery, an off-site delivery. Somebody ordered some bad pizza. How did you prepare for the Super Bowl commercial? WG: I eat one meal a day, and I may augment that with a couple boiled eggs for lunch or something like that. I like being lean, not just lean physically, but mentally. I like being a little hungry. I feel more creative when I have an appetite. And we’ve seen you in so many shirtless photo shoots lately. I cant believe you didnt take your shirt off in this GoDaddy ad. WG: Yes. There’s more to come, I’m afraid. I’m so sorry. My apologies now.
Category:
E-Commerce
All news |
||||||||||||||||||
|
||||||||||||||||||