As I mentioned last week, the tax deadline 2011 is today! To be considered timely filed, your return must be transmitted by midnight local time. Many of your local income tax professionals at Liberty Tax® will be open late to help you beat the deadline.

If you expect to owe taxes, you should include a payment with your extension filing to help reduce your penalties and interest. An extension provides you relief from filing the return in a timely manner, however, it does not provide you relief from paying your obligation.

Don't forget you don't have to pay the entire balance at once with the IRS. You are better off filing the return in a timely manner and requesting a payment plan (installment agreement) than ignoring the fact that you have a balance due. In most situations, the taxpayer can choose the day of the month and the desired payment amount and the IRS will automatically approve it if you meet certain conditions.

Call 1-866-871-1040 or visit your local income tax professionals at Liberty Tax® to see how we can help you.

Extended Deadline for Certain Taxpayers

Some taxpayers can wait until after April 18 to file a return, pay any taxes due and make IRA contributions for 2010. As a general rule, those eligible get the extra time without having to ask for it. Eligible taxpayers include:

  • Members of the military serving in Iraq, Afghanistan or other combat zone localities. Normally, the postponement is until at least 180 days after the service member leaves the combat zone.
  • Victims of severe flooding in Presidentially declared disaster areas (e.g., parts of Illinois, Iowa, Kentucky, North Carolina, Texas, West Virginia and Wisconsin). 

-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.