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

An extension is filed by completing Form 4868. The extension will allow six months, or until October 15th to file the return. The extension will extend the time to file the return, it does not extend the time to pay the tax. Any tax that is due needs to be paid by April 17. Failure to pay by the due date will result in penalties and interest being assessed. more…

Do you file a Schedule C, Profit or Loss From Business or Schedule E, Supplemental Income or Loss (From Real Estate or Partnerships)? If so, you will notice there are 2 simple questions that have been added to these forms. They are:

“Did you make any payments that would require you to file Form(s) 1099?”

“If “Yes,” did you or will you file all required Forms 1099?”

While these questions may seem immaterial, they deserve to be examined closer.

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1) You have a "Specified Foreign Financial Asset" which exceeds the filing requirements

Financial Assets that are subject to this form are: A Financial Account maintained by a foreign institution and the following assets not held in an account with a foreign institution:

* Stock or security issued by a foreign person

* Financial instrument where the issuer is not a U.S. Person 

* And any interest in a foreign entity more…

Taxpayers must pay their taxes "as they go."  For many taxpayers, their income taxes are withheld from their paychecks.  For taxpayers that don't have any withholding, they will need to make estimated tax payments. more…

All Connecticut business owners that own personal property must file a Personal Property Tax Declaration by November 1, 2011. 

Failure to file this declaration or filing late will result in a penalty equal to 25% of the assessed value of the property. more…