Tax Tip: April 17th Is Tax Day
The IRS announced yesterday that April 17, not 15, is this year's tax deadline. Why? April 15 falls on a Sunday and April 16 is Emancipation Day, a legal holiday in the District of Columbia. The deadline applies to the following:
• 2006 federal individual income tax returns, whether filed electronically or on paper.
• Requests for an automatic six-month tax-filing extension, whether submitted electronically or on Form 4868.
• Tax year 2006 balance due payments, whether made electronically (direct debit or credit card) or by check.
• Tax-year 2006 contributions to a Roth or traditional IRA.
• Individual estimated tax payments for the first quarter of 2007, whether made electronically or by check.
• Individual refund claims for tax year 2003, where the regular three-year statute of limitations is expiring.
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Comments:
Get it all out of the way ASAP. My taxes are already filed and I expect my refund by Feb. 6th.
Note that state tax deadlines might be different. In New York, for instance, state taxes are due on April 16th or April 17th, 2007.
Why does a D.C. holiday affect an organization in West Virginia?
If you're procrastinating, there's no need to sweat the deadline. Just mail an extension form and it will be rubber-stamped. This only applies to the tax return; if you owe taxes and no check is mailed to them on 4/17, they'll assess a penalty and interest.
Seems we have given the rest of the country the New England secret of Patriot's Day as a day to skip paying taxes.
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Check out Radio Sandy Springs and listen/download a Fair Tax podcast here:
http://radiosandysprings.com/FairTax/
unless you owe, then wait until 4/17 at 11PM to send.