Personal Finance Talk: No Degree Required

Just a friendly reminder – today is April 15th, the last day to submit your 2009 tax returns without an extension from the IRS. If you have not completed your 2009 taxes do not fear, just go to the IRS website and fill out form 4846  and you will be given an automatic extension for up to 6 months, or until October 15th, 2010. Just make sure that you select one of the payment options and pay your 2009 estimated taxes (if you owe any). A couple of notes about tax rules in general:

•  You must still pay your estimated 2009 taxes by April 15th or you will be subject to penalties and fees. All this form does is give you extra time to finish working on your return – Uncle Sam wants his money now!
• If you are out of the country on April 15th you automatically qualify for a two month extension to file - no form required
• If you do not pay at least 90% of your 2009 taxes by April 15th you could be charged up to 25% of the unpaid amount as a penalty (in 1/2% or 1% per month increments)
• On top of the penalty the government will happily charge you interest on any unpaid taxes, even if you have a good reason for not paying on time
• If you decide to not file your taxes by the deadline (April 15th or any extension you get), you will be assessed a penalty up to 25% of your unpaid amount

I think the bottom line from all this is clear… SEND IN YOUR MONEY NOW!!! (or send in a lot more later)

{ 0 comments }