It’s that time of year again….time to file your income tax return.
What if you can’t get it done or don’t have all of your material to prepare it?
File for an extension.
To file an extension, complete Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. This must be completed and filed by the due date, April 18, 2011. The extension is granted automatically if it is filed completely and on time. The extension is for six months and allows for the returns to filed up until October 17, 2011.
Taxpayers must also file an extension in the state they are a resident of and any other states they may be required to file in. In Connecticut, taxpayers must file Form CT-1040- Ext, Application for Extension of Time to File Connecticut Income Tax Return for Individuals.
The extension merely extends the time to file the return; it does not extend the time to pay any taxes due. If taxes are due, they should be paid when the extension is filed.
Taxpayers that want to fund an IRA or a Roth IRA for 2010 need to have this made by April 18, 2011.
Taxpayers that are self-employed and want to fund a Simplified Employee Pension ("SEP") have until the due date of the returns, including the extension to fund this. In other words, if you want to fund your SEP, you can file the extension and this will allow up October 18, 2011 to fund this account.
As with other tax forms, we recommend the application for extension be mailed by Certified Mail–Return Receipt Requested. This will provide you with proof of mailing.
ACTION ITEM: If you can’t file your income tax return by April 18, 2011, file an extension.
Thomas F. Scanlon, CPA, CFP®
Tom Scanlon has over thirty years experience in public accounting with an extensive background in the areas of financial, tax, and estate planning. He prides himself on providing in-depth and customized solutions to privately held businesses and their owners. He is a Certified Public Accountant and Certified Financial Planner®. Tom is a frequent speaker for area organizations and has recently been quoted on CNBC, Fox 61 News and AARP's blog. Tom also has been a guest columnist for numerous publications including The Wall Street Journal, Barron's, Money Magazine, The Hartford Courant, The Hartford Business Journal, and The New Haven Register. He is a member of the American Institute of Certified Public Accountants, the Connecticut Society of Certified Public Accountants, and the Financial Planning Association. Active in the community, Tom supports a variety of not-for-profit organizations.
I truly loved the post. I know it’s going to be very beneficial to me. It’s always an enjoyable surprise if a post is both helpful and enjoyable! Thank you.
Cool entry-cheers, sending this to my mates now.
Thank you a lot for sharing!
I like your article, thank you very much!
Thank you very much for your post! I am very interested in your points.
You might have a fine weblog. I’ve read some of your blogposts and appreciated them.
You make a lot of good points on this blog. Keep up the great work.