Schwarzenegger’s tax lien terminated

February 5, 2010

California is still coping with shaky state finances, but its chief executive is in much better fiscal shape today.

City of Hope's Music and Entertainment Industry's Spirit of Life Gala

Gov. Arnold Schwarzenegger's promise that he'd be back in the good graces of the IRS came true Friday afternoon when the feds cleared the $79,064 lien they had filed in connection with Ahnold's personal tax returns. 

Schwarzenegger had always maintained that he had paid Uncle Sam and that the apparent overdue taxes — $39,047.20 from 2004 and $40,016.80 from 2005 — were the result of "a minor paperwork tracking discrepancy."

It seems that the explanation was indeed the true truth, not True Lies. (Sorry. I know it's a stretch, but I couldn't resist.)

A Schwarzenegger spokesman said the problem was a computer glitch on the governator's payroll tax filings for the two years in question.

But the Golden State's top official didn't get off completely. Schwarzenegger was charged $20.50 for administrative fees.

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Those procrastinating filers aren’t a problem. In fact, the IRS appreciates taxpayers who take time to fill out their 1040 forms correctly. It also is grateful that tax submissions are spread out a bit, especially now that the IRS is a leaner agency. Processing returns is easier when they arrive throughout the year instead of in massive bunches.

But enough about Uncle Sam’s tax collection issues. The focus now is on all y’all who filed for extensions, giving you another six months to complete your return. Since your new mid-October due date will be here before you know it, let’s get started now on meeting it.

The ol’ blog is here to help you finish up your extended Form 1040. You can start with January’s tax tips page, which has links to the rest of the year’s tips by-month collections. You also can peruse various tax categories for more tailored advice by clicking on the More Tax Posts drop-down menu at the top of this (and every) page.

And to make sure you don’t miss your new filing deadline, the count-down clock below will let you know just how much time you to file by Oct. 15. At the latest.e. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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