Thursday, April 15, 2010

April 15, 2010 Taxes, Taxes, Taxes

April 15. Federal income tax returns for 2009 are due today.

If you haven't pulled all that paperwork together, you can apply for an Automatic Extension of Time To File U.S. Individual Income Tax Return by filing Form 4868 (by paper or electronically) today.

An automatic extension of time to file is not an automatic extension of time to pay your 2009 federal taxes. 
With an extension, you estimate your total tax liability for 2009, subtract 2009 tax payments, and then pay the estimated balance of your 2009 taxes along with your Form 4868.

Later on, when you have all your financial information and file your return, you may owe more taxes to the IRS plus penalties and interest (if you underestimated/underpaid your 2009 tax liability with Form 4868) or you might end up with a refund (if you overestimated/overpaid your 2009 tax liability with Form 4868). 

For complete information and forms, check with your tax preparer or go to

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