Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

Eleventh Hour Tax Returns

By

Tips for filing under the wire.

PrintPRINT
Procrastinators unite!

April 15th is the deadline for filing this year's income tax returns. If you have to write a fat check to Uncle Sam, it makes no sense to file before Tuesday's deadline. But if you just haven't gotten around to completing your taxes, it's time to get busy.

To extend the filing deadline to October 15th, file Form 4868. You don't have to explain why you're asking for an extension.

However, extending the deadline doesn't extend the time to pay any tax due. If you don't pay by Tuesday's deadline, you'll get slapped with an interest charge and may be hit with a penalty. Pay your estimated tax to avoid a possible penalty and file your return by the extended deadline.

Here are five basic tips for those who plan to file at the last minute:
  • You can download needed forms and publications from the IRS website, or call the IRS at 1-800-TAX-FORM. You can pick up forms at a local IRS office. Some post offices, public libraries and banks stock widely used forms.

  • Common mistakes include forgetting to include your W-2 earnings statement with your tax return, not signing the form, placing the federal return in the state envelope (or vice versa) and failing to provide, or giving an incorrect, Social Security number for yourself, spouse or dependents.

  • If you itemize, don't overlook deductions for student loan interest, health insurance premiums for self-employed taxpayers, higher education expenses and adoption and child credits.

  • Always check your figures to be sure your return reflects the amounts shown on Form W-2 (wages), 1098 (mortgage interest) and, if necessary, 1099 (interest and dividends). If the numbers don't match, attach an explanation with your return.

  • If you haven't already paid yourself, fund your Individual Retirement Account, regular or Roth, no later than April 15th.


Remember: You won't receive a tax rebate unless you file an income tax return. About 130 million individuals will receive rebates starting in May as part of an economic stimulus package approved by Congress.

The $168 billion plan includes tax rebates totaling up to $600 for individuals and $1,200 for couples filing jointly. Families will receive an additional $300 per child. Those who paid no income tax, but earned at least $3,000 including Social Security, railroad retirement and disabled veteran's benefits, will receive $300.

The rebate is separate from your tax refund, or money that's been over-withheld throughout the year. If you've filed, click to Where's My Refund? on the IRS website to track its progress.
The clock is ticking. It's time to sharpen a pencil or crank up your computer and file your state and federal income tax returns.

No positions in stocks mentioned.
The information on this website solely reflects the analysis of or opinion about the performance of securities and financial markets by the writers whose articles appear on the site. The views expressed by the writers are not necessarily the views of Minyanville Media, Inc. or members of its management. Nothing contained on the website is intended to constitute a recommendation or advice addressed to an individual investor or category of investors to purchase, sell or hold any security, or to take any action with respect to the prospective movement of the securities markets or to solicit the purchase or sale of any security. Any investment decisions must be made by the reader either individually or in consultation with his or her investment professional. Minyanville writers and staff may trade or hold positions in securities that are discussed in articles appearing on the website. Writers of articles are required to disclose whether they have a position in any stock or fund discussed in an article, but are not permitted to disclose the size or direction of the position. Nothing on this website is intended to solicit business of any kind for a writer's business or fund. Minyanville management and staff as well as contributing writers will not respond to emails or other communications requesting investment advice.

Copyright 2011 Minyanville Media, Inc. All Rights Reserved.
PrintPRINT
 
Featured Videos

WHAT'S POPULAR IN THE VILLE