With only a few days to go to the income tax return filing deadline make sure you contact your tax preparer as soon as possible. The filing deadline for extended 2011 income tax returns, forms 1040, 1040A and 1040EZ is Monday October 15, 2012.
If you miss the deadline you will be charged a late filing penalty of 5% of any unpaid tax for each month the return is late up to a maximum of 25%. So for example if you owe $1,000 tax on the return your late filing penalty will be $50 each month the return is late up to a maximum of $250.
A 1/2% late payment penalty will also be charged on the unpaid tax together with interest. This runs from April 17, 2012.
These penalties can add up making it all the more important to see your tax preparer before the filing deadline.
If you need assistance with the tax preparation and filing of your 2011 income tax return we will be open all day on Saturday October 13, 2012 and Sunday October 14, 2012. To make an appointment call Mark Smith on (480) 363-4808.
Disclaimer – This article does not constitute personal tax advice to the reader and is only offering general information. You should seek professional advice for your own situation as the most appropriate tax planning depends on your personal and unique circumstances.