April 15 Tax Deadline Rapidly Approaching
Just a reminder to those who have not yet filed their 2009 tax return that April 15, 2010 is the due date to either file your return, pay any taxes owed, or file for the automatic six-month extension.
In addition, the April 15, 2010 deadline also applies to the following:
• Tax year 2009 balance-due payments – Taxpayers that are filing extensions are cautioned that the filing extension is an extension to file, NOT an extension to pay a balance due. Late payment penalties and interest will be assessed on any balance due, even for returns on extension. Taxpayers anticipating a balance due will need to estimate this amount and include their payment with the extension request.
• Tax year 2009 contributions to a Roth or traditional IRA – April 15 is the last day contributions can be made to either a Roth or traditional IRA, even if an extension is filed.
• Individual estimated tax payments for the first quarter of 2010 – Taxpayers, especially those who have filed for an extension, are cautioned that the first installment of the 2010 estimated taxes are due on April 15, 2010. If you are on extension and anticipate a refund, all or a portion of the refund can be allocated to this quarter’s payment on the final return when it is filed at a later date. Please call our office for any questions.
• Individual refund claims for tax year 2006 – The regular three-year statute of limitations expires on April 15 for the 2006 tax return. Thus, April 15, 2010 is the last day a refund will be granted for any return or amended return for 2006. Caution: The statute does not apply to balances due for unfiled 2006 returns.
If your returns have not been completed due to missing information, you are urged to forward that information as quickly as possible in order to meet the April 15 deadline. Keep in mind that the last week of tax season is very hectic and your returns may not be completed if you wait until the last minute. If it is apparent that the information will not be available in time for the April 15 deadline, then let this office know right away so that an extension request may be prepared, along with estimate tax vouchers if needed.
If you have not made an appointment yet, please call this office right away to make one and/or file an extension if necessary.
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Disclaimer: The tax advice included in this newsletter is an overview of some complex tax rules and is not intended as a thorough in-depth analysis of the tax issues discussed. Do not act on the information included in this newsletter without first determining how these issues apply to your particular set of circumstances and if there are any special tax laws or regulations that might apply to your situation.
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