You do not have to file your tax returns by April 15! If there is no additional tax due, there is no penalty!
Posted by Sheldon Harding CPA at 4/15/2010 4:02 PM 
Categories: penalties,tax planning,tax due,due date,Tax return
Tags: penalties tax planning tax due due date Tax return
Categories: penalties,tax planning,tax due,due date,Tax return
Tags: penalties tax planning tax due due date Tax return
Individuals really don't need to file your income tax returns by April 15 and if there is no additional tax due, there is no penalty for delaying the filing of the return. An extension form then helps you save late filing penalties should you actually owe tax when you finish the returns. Please note that you shouldn't forget the state return. Colorado now has a 5% immediate penalty if the tax is not paid by April 15. Other states are also raising revenue, so don't let them get more penalty $ from you. Estimate your taxes closely and get it paid on time.
It is better to make sure you have all of your deductions and have everything needed to your preparer. You may be able to save money that way by waiting until you are certain you have found everything that you need to save taxes. You can get the paperwork filed over the next 6 months and I always need some summer work anyway. You may be able to save on preparation fees with a summer discount.
This year it is especially true since there are some new forms and tax law changes to be aware of. Some are just planning to purchase a home and will be able to take a 2009 credit even though they are purchasing the home in 2010. You can extend and do the return once and do it all instead of amending the tax return.
I recommend that my clients know about how much taxes might be due by the next April so they can plan for it and even start sending in some money or at least setting it aside.
It is better to make sure you have all of your deductions and have everything needed to your preparer. You may be able to save money that way by waiting until you are certain you have found everything that you need to save taxes. You can get the paperwork filed over the next 6 months and I always need some summer work anyway. You may be able to save on preparation fees with a summer discount.
This year it is especially true since there are some new forms and tax law changes to be aware of. Some are just planning to purchase a home and will be able to take a 2009 credit even though they are purchasing the home in 2010. You can extend and do the return once and do it all instead of amending the tax return.
I recommend that my clients know about how much taxes might be due by the next April so they can plan for it and even start sending in some money or at least setting it aside.
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