April 17th is near! April
17th doesn’t nearly strike as much fear into most as April 15th,
but this year you get two extra days to file your returns as the 15th
is a Sunday.
Those extra 48 hours aren’t
enough for you? Here are a few options and other last minute tax options:
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You can file an extension
for your return:
For individuals, the deadline
to file your 2011 return is April 17. You can extend the filing due date for
six months by filing form 4868 on or before April 17. As a reminder, this is an
extension to file, not an extension to pay the tax, so you will still have to
pay whatever income taxes you owe for 2011 by April 17.
You can lower your taxes
owed by making an IRA contribution:
You have until April 17 to make
IRA contributions for 2011. If you contribute in 2012 for 2011, make sure to
designate (and make sure you banker understands) that the contribution is for
2011. It might be smart to convert some
of your IRA to a ROTH. Liberty Tax can help you with that decision.
You can also contribute to a Health Savings Account
For
2011, the individual contribution amount for an HSA was $3,050 and the family
contribution is $6,150. Also, for 55 and
over and not enrolled in Medicare there is a $1,000 catch-up contribution.
Don’t forget to
check your list!
We
have prepared the Super
Duper Tax Filing Checklist for you. So, make sure that if you are waiting
until the 17th to come in that you have these documents otherwise we
will be filling an extension!
David Rocci
Disclaimer: Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.