TODAY IS "THE DAY"!

To contact us Click HERE

Todayis the final deadline for filing your 2011 federal and state individual incometax return.
Thatis not to say that I, and my fellow tax professionals, will no longer be facedwith any more GD extensions this year (I wish!).  It onlymeans that today is the last day to mail in your properly extended 2011 Form 1040 or 1040A, and state tax return, and beconsidered to have filed on time.  Istill have some GD extensions to do – and probably have not received them all “inhand” yet.
Thereis really only a problem if you owe your Uncle Sam (and/or whatever Uncleapplies to your state).  Penalties areassessed on the unpaid balance due. If you will be getting a refund you can file your 2011 return next yearand you will not be penalized.
Thereis a big difference if you do owe money to an "Uncle". On the federal level the monthly penalty rate for “filing late” with a balance due is tentimes as much as that for “paying late” – 5% per month (.05) vs ½ of 1% permonth (.005).  Penalties also increase on state returns not timely filed.
Sothe bottom line – if you have not already done so, get your 2011 tax returns inthe mail today, even if you cannot pay all, or any, of the tax due.
And, ofcourse, do not walk into a taxprofessional’s office at lunch time today and expect to have your return prepared in time to meet the deadline.
TTFN