Tax Filing Deadline Quickly Approaching
The 30 day deadline to file your 2010 taxes is just around the corner. Every year many taxpayers miss out on hundreds of dollars in potential credits and deductions because of rushing to complete their return before the April deadline. If you owe taxes, don't panic as there are options available to you including applying for an Installment Agreement or filing for a Tax Extension. In the case of an Installment Agreement you should still file your return by the April 18, 2010 deadline and pay as much as you can to avoid penalties and interest. With regard to a Tax Extension, you can get an automatic six-month extension of time to file through October 17, 2010. However, this extension of time to file your taxes does not give you more time to actually pay any taxes due. If you have not paid at least 90% of the total tax due by the April 18, 2010 deadline you may also be subject to an Estimated Tax Penalty.
Those taxpayers expecting a refund also have options of how to receive tax reimbursement including: refund in the form of savings bonds, payment to retirement accounts or mutual funds, or cash deposited directly to a checking or savings account. Beginning this year there are new savings bond options. Last year, if you chose to receive a savings bond as part of your refund, it could only be issued in the taxpayers' name. This year, you can designate anyone to receive a savings bond and also designate the co-owner or beneficiary.
Whether you are expecting a refund or owe taxes, let the ManagingMoney.com Tax Center help get you started. In this Tax Center we have tried to make this process easier for you by partnering with brand-name tax software companies including: TurboTax, H&R Block, and CompleteTax. You can start a new tax return, file for an extension, or download individual tax forms.