Posts Tagged ‘Interest’


How (and When) to File an Income Tax Extension

Due Date

The federal income tax returns are normally due on April 15th. This year, the 15th falls on a Sunday, so the due date should be Monday the 15th. However, Monday the 16th is Emancipation Day so the due date is Tuesday 17th. Some people aren’t prepared to file. Others may be waiting for Form K-1’s from their investments. Either way, if the return is not filed on time, an extension will need to be filed.

Federal Extension

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7 Things Connecticut Taxpayers Should Do Before Filing Their Income Tax Return

1) Don’t panic. The returns are due on April 17th this year. This is due to April 15th falling on the weekend and April 16th being a holiday in Washington DC. If you can’t get your return completed and filed on time, file an extension. The federal form is 4868 and the Connecticut form is CT-1040-EXT. This will allow you until October 15th to file. The extension however only extends the time to file, it does not extend the … Continue reading »


So if I Catch a "Baseball", I May Owe Taxes to the IRS?

Recently in baseball, a Yankee fan caught Derek Jeter’s 3,000th hit ball and now he may have to pay the Internal Revenue Service (“IRS”) tax money on the few gifts the Yankees gave him.  These items included tickets, signed bats, baseballs, and three signed jerseys.  The tax bill may be as high as $13,000!


How to File Your FBAR and Avoid Huge Penalties

The Report of Foreign Bank and Financial Accounts Form TD F 90-22.1 ("FBAR") is due June 30, 2011.  This form must be filed by a United States person with a financial interest in or signature authority over a foreign financial account if the total value of all of the accounts exceeded $10,000 at any time during the year.  This form is merely an information form.  There is no tax due with this return.


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