If you requested an extension, make sure to file your 2010 taxes before the October 17 deadline
Attention! Tax deadline approaching! If you’re one of the people who requested a six month extension way back in April to file your individual 2010 tax return, then Monday, October 17, 2011 is the deadline for filing federal income tax online.
2011 has been the year of delayed tax deadlines. Thanks to the special District of Columbia holiday Emancipation Day, the regular deadline to file taxes 2010 was pushed back from April 15 to April 18. And now the deadline for extension filers is pushed back as well. Normally the IRS gives you until October 15, but since this year the 15th happens to fall on a Saturday, you’ve got until Monday the 17th.
Even though you’ve got a few extra days to prepare those returns, don’t let the delayed deadline lull you into procrastination. The October 17 income tax deadline is right around the corner, only a month away in fact. If you don’t want to get caught in a rush at the last minute, now is the time to get your paperwork in order and start preparing your return.
After the October 17 deadline to file electronically late tax returns, the IRS will no longer accept 2010 tax returns filed online. If you miss the deadline, you’ll have to mail your tax return in for processing. There are several disadvantages associated with submitting physical paperwork. Not only is it less convenient, but it also takes longer to get your refund.
The fastest possible way to get your refund is to file electronically. If you file online and have the refund deposited directly into your account it typically takes 10 to 14 days for you to get your refund. Paper filing, on the other hand, is much slower. Even a direct deposit refund can take 3 to 4 weeks, and a paper refund can take up to 8 weeks. The fastest way to your refund is to file electronically by the deadline.
If you don’t file by the deadline, you could face a failure-to-file penalty, which is different from, and generally much more than a failure-to-pay penalty. Even if you can’t pay all of the taxes you owe, it’s still a better option to file on time and try to work out a solution with the IRS. If you file late, you could be slapped with a nasty little penalty, usually 5% of the unpaid taxes for each month or part of a month that the return is late, though this penalty won’t exceed 25% of your unpaid taxes. And if you fail to file your return within 60 days of the deadline, you will have to pay as a penalty at least $135 or 100% of your unpaid taxes, whichever is smaller.
The good news is that at this point October 17 is still a month away, giving you plenty of time to meet the 2010 tax deadline for an extension. If you get started now, you’ll have plenty of time to file online, making sure you get your refund as fast as possible and avoid any penalties.
