Sunday, February 13, 2011, AM | 1 Comment
This year IRS has delayed tax return filing for some folks because of their computers software upgrading that was thrown upon the agency by Congress in December 2010. Most folks not impacted can start filing anytime. It’s no fault of IRS even though we may want to curse the tax man but in all honesty that would not be fair. We need IRS to keep us awake all the time even when we are asleep.
Steven Spielberg made a movie called “Close Encounter of the Third Kind.” Stephen Hawking wrote a book for the common man in simple English called “A Brief History of Time.” Both are well known in their respective fields. My title to this post is inspired by those two extremely inspiring folks. I dedicate this post to them and to all the folks who use tax software to help them do their taxes.
Taxpayers Impacted by Recent Tax Breaks
Taxpayers impacted by recent tax breaks can file starting in mid- to late February. Taxpayers who are not impacted by the tax breaks do not have to wait. They can start filing any time when ready.
Tax filing date extended
This year IRS has extended the tax return filing date to April 18. If you cannot meet this deadline, you may obtain an automatic 6-month filing extension Form 4868. However, even if you get the extension and you owe taxes, you have to pay the interest on the amount for the days and weeks or months that you have delayed filing beyond the April 18 deadline.
Pay what you owe in Installments
If you cannot pay the full amount of tax you owe when you file your return, you can file Form 9465 to request an arrangement for payment in installments.
- First installment
Pay your first installment of your estimated tax by April 18.
- Second installment
I checked IRS website and did not find any reference to payment of the second installment on June 17 for this year alone. So the deadline is June 15 and not June 17. You may amend your estimate at this time.
- Third installment
Pay the third installment of your estimated tax by September 15, 2011. You may amend your estimate at this time.
- Fourth installment
Pay the balance of your 2011 estimated tax by January 18, 2012.
If received automatic 6-month filing extension
File your 2010 return by October 17, 2011 if you received an automatic 6-month filing extension using Form 4868.
If self-employed, December 31, 2011 is the last date to set up a Keogh Plan for 2011.
In a Nutshell
These are all the important dates and actions to take accordingly that may impact your tax return filing.
Did Mubarak Ever Pay His Share of Taxes? I Wonder…
A tourist in Cairo spots three photographs on the wall of a restaurant: one of Nasser, another of Sadat, and the third of Hosni Mubarak. He asks the owner who the first man is, and the owner tells him that’s Gamal Abdel Nasser who overthrew the Egyptian monarchy and served as the country’s president. “Who’s the second man?” the tourist wants to know. “That’s Anwar Sadat, our next president,” comes the reply. “He made peace with Israel but was assassinated in 1981.” Next the tourist wants to know who the third man is. “Him?” says the restaurant owner. “That’s my business partner’s father” – A popular joke in Egypt.
Continue to read How The Mubarak Family Made Its Billions – Huffington Post.