Extensions

Individual tax returns (Form 1040) are due Monday, April 18th. Returns postmarked after this date, unless properly extended, incur a failure-to-file penalty on the balance due of 5% per month (to a maximum of 25%). Additionally, there are also failure-to-pay penalties and interest charges as well.

You can file for an automatic six-month extension by filing Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return) on or before the April 18th filing deadline.

The instructions for filing a Form 4868 require taxpayers to:

• Properly estimate their tax liability using the information available to them;
• Enter their total tax liability on line 4 of Form 4868; and
• File Form 4868 by the regular due date of their return.

Normally, filing this form results in an automatic six-month extension of time to file without any late-filing penalty. However, filing this form does not extend time to pay any income tax liability due.

Some people have the misconception that the filed extension also applies to extending the time when taxes are due. This is not true and you should note that balances due in excess of 10% of the total tax shown on the return will incur penalties and interest for underpayment.

One thing to note is the requirement to "properly estimate" the tax liability. It is possible for the IRS to invalidate an improper extension (one that didn't estimate the tax liability) exposing the taxpayer to substantial failure-to-file penalties. This isn't something I've seen a lot of but given the need for additional revenues and computer sophistication, it easy to imagine this becoming more prevalent.

Accordingly, my advice is to make sure you spend a little time properly estimating your tax liability before sending off your extension. It is risky to just put down zeros when you know you owe taxes.

And as a final note, don't forget to properly extend any state and/or local returns as well. Some will accept the federal extension and some won't. You need to check their specific rules. As with the federal government, the extensions to file do not extend the time to pay any taxes due.

Kumo To Churippu The Movie

Kumo To Churippu is a black and white anime released in 1943, this Japanese animation pictures quality is almost as good as Walt Disney black and white animation.














The main character of this movie is a spider and this spider is attracted to a tulip flower because the tulip is protecting a lady bug from the spider. At that time this anime is a good entertainment for children, because it was created for young viewers. That’s why they used animal as the main characters for this movie.

If you want to learn a Japanese animation history this classic black and white anime is a good movie to start your research.

Hakujaden The Movie

Today we would like to review a classic Japanese anime. Hakujaden is released in 1958 and become the first full color animation played on the big screen at Japan. Toei is involved in the making of this Japanese animation.

The story is taken from a Chinese legend and revolved around Su Chien (Xu – Xian) and Pai Nhian (Bai - Niang). Su Chien is an ordinary man and he is learning to become a scholar while Pai Nhian is a white serpent princess.

So many movie is adapted from this Chinese legend, Madame White Snake is a one of the famous Chinese mythology. If you are curious of what happened between Su Chien and Pai Nhian, then just watch this old and classic anime.