Tuesday, April 15, 2008

April 15 Dealdine is Here !

Just a reminder to those who have not file their 2007 tax return that April was the due date to either file your return, pay any taxes owed, or file for the automatic- six-month extension period. In addition, the April 15, 2008 deadline also applies to the following :

*Tax Year 2007 Balance- due payments: Taxpayers that are filing extensions are cautioned that the filing extension is an extension to file, NOT an extension to pay a balance due. Late payment penalty and interest will be assessed on any balance due, even for returns on extension. Taxpayers anticipating a balance due will need to estimate this amount and include their payment with the extension request.

*Tax Year 2007 Contributions- To a ROTH or Traditional IRA - April 15 is the last day contributions can be made to either a ROTH or traditional IRA, even if an extension is filed.

* Individual Estimated Tax Payments for the first quarter of 2008-Taxpayers, especially those who have filed for an extension, are cautioned that the first installment of the extension of the 2008 estimated taxes are due on April 15. If you are on "extension" and anticipate a refund, all or a portion of a refund can be allocated to this quarters payment on the final return. when it is filed at a later date.

*Individual Refund Claims for 2004- The regular three- year statute of limitations expires on April 15 for the 2004 tax return. Thus, April 15 is the last day a refund will be granted for any return or amended return for 2004. Caution: The statute does not apply to balances due for unfiled 2004 returns. If we are holding up the completion of your returns because of missing information, we urge you to forward that information as quickly as possible in order to meet the April 15 deadline. Keep in mind that the last week of tax season is very hectic, and we may not be able to complete your returns if you wait until the last minute. If it is apparent that the information will not be available in time for the April 15 deadline, then let us know right away so the we may prepare an extension request and estimate tax vouchers if needed.

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