File before the federal tax extension deadline to avoid penalties and e-file your 2011 return
If you requested a tax extension in April, the last chance to get your 2011 return in to the IRS is October 15, 2012.
It’s also the last chance to e-file your return. After the 15th, the IRS e-file system shuts down to prepare for the 2012 returns that will start arriving in January. Everyone who hasn’t filed by the deadline will have to paper file and mail their return in, regardless of whether they requested an extension.
File before the October 15 deadline to take full advantage of e-filing, which gets your return to the IRS faster, speeds up processing, and gets your refund into your hands within 10-21 days, as opposed to the many weeks that paper filing often takes.
Those who requested an extension have thus far been enjoying an extra six months to file without any penalties or interest. On October 16 both of them kick in and start to accumulate. If you let them get out of control they can end up being quite costly. Continue reading “The Tax Extension Deadline for 2011 Taxes Is October 15, 2012”