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Happy Tax Day, 2011

Happy Tax Day.

Today, April 18, 2011, is the deadline to file 2010 individual U.S. income tax returns.

If for any reason you are unable to file your return by today, be sure to file for a six month extension by completing and filing Form 4868 sometime today.

Keep in mind, however, that the extension does NOT provide an extension to pay any tax due to Uncle Sam from 2010.  The penalty for failing to timely pay the tax due is .05% of the tax due per month past due.  The penalty for failing to timely file your tax return is more severe: 5% of the tax due per month past due, up to a maximum of 25%.  Don’t forget that interest accrues on both the tax due and the penalties, if any.

If you are unable to pay the tax due by today, the IRS does offer various payment plans to address the outstanding balance.  I’ll put a post together summarizing these options in the near future.

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