Just a reminder to those who have not yet filed their 2011 tax return that April 17, 2012 is the due date to either file your return and pay any taxes owed, or file for the automatic six-month extension and pay the tax you estimate to be due. Normally the deadline is April 15, but when a due date falls on a weekend or holiday, the due date is extended until the next business day. Thus, since April 15 falls on a Sunday and April 16 is a legal holiday in Washington, D.C. (Emancipation Day), the due date for 2011 tax returns is extended until Tuesday, April 17, 2012.
In addition, the April 17, 2012 deadline also applies to the following:
Tax year 2011 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 2011 contributions to a Roth or traditional IRA
April 17 is the last day contributions for 2011 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 2012
Taxpayers, especially those who have filed for an extension, are cautioned that the first installment of the 2012 estimated taxes are due on April 17. 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 this office for any questions.
Individual refund claims for tax year 2008
The regular three-year statute of limitations expires on April 17 for the 2008 tax return. Thus, no refund will be granted for a 2008 original or amended return that is filed after April 17.
Caution: The statute does not apply to balances due for unfiled 2008 returns.
If you want to get your taxes prepared by a professional, 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.
