The April 15 Tax Deadline for 2010 is Here!

by Lee Reams in 1040 & Personal Finance

Just a reminder to those who have not yet filed their 2009 tax return that today April 15, 2010 is the due date to either file your return, pay any taxes owed, or file for the automatic six-month extension (to October 15, 2010) using IRS Form 4858.

In addition, the April 15 deadline also applies to the following:

• Tax year 2009 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 penalties 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.

• E-file balance due - April 15 is the last day to submit any balance due using the 1040-V payment voucher if the taxpayer has already e-filed (or paper filed) his or her returns and still needs to make a payment.  Payments after the 15th will be subject to late payment penalties.

• Tax year 2009 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 2009 - Taxpayers, especially those who have filed for an extension, are cautioned that the first installment of the 2010 estimated taxes are due on April 15.  If you are on extension and anticipate a refund, all or a portion of the refund can be allocated to this quarter's payment on the final return when it is filed at a later date.  Please call one of our professionals for assistance.

• Individual refund claims for tax year 2006 - The regular three-year statute of limitations expires on April 15, 2010 for the 2006 tax return.  Thus, April 15 is the last day a refund will be granted for any return or amended return for 2006. 

If you need assistance with any of the foregoing issues, please contact one of our professionals immediately.