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Taxes are Due. Hurry or File an Extension

{ Posted on Apr 18 2011 by Marcus Alston }

I completed my 2010 taxes today (April 18, 2011) which is the deadline for filing your federal and states income tax returns this year.  Tax returns are normally due April 15, but this year April 15 was Emancipation Day in Washington, D.C., so the deadline was moved to April 18.

Returns must be postmarked or filed electronically on or before midnight tonight, April 18 or else they are considered late.

Taxpayers that owe money to the Federal (IRS) or State Government, face penalties if they do not file by the deadline.  However, taxpayers have the option to file for an extension by the deadline if they need more time to complete the filing.  If you want an extension for both the Federal and State filings, a separate extension is required for each.  Nevertheless, an extension only extends the time to submit the filling, and does not extend your time to pay if you owe.  For taxpayers who owe and file an extension, they will have to incur a monthly late-payment penalty and an annual interest charge.  For those filing an extension who are getting money back (a tax refund), no penalties or interest apply.

For tips on what to do with your tax refund, click here.  If you owe taxes, click here for tips on what to do.

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