October 15th is the personal extension deadline; the last day to submit your personal tax return without incurring a late filing penalty! The corporate extension deadline has come and gone. This is the final personal return extension deadline for the 2011 tax season and there are no more deadlines or extensions after this. If you are a procrastinator or like to wait until the last minute, this is it: the last minute.
Although we pride ourselves on excellent service and turn around times, we still recommend providing us with your tax information as soon as possible.
Late penalties are assessed as a percentage based on what you owe. If you don’t owe additional funds, the personal extension deadline is not as crucial. However, if the IRS owes you money, why let them keep it in their account? Also, timely filing your tax return can prevent future hassles with the IRS, especially when statutes of limitation are involved.
Speaking of the statute of limitations: if you filed an extension on your 2008 tax return but haven’t filed the return yet, October 15th is the last date to file the return and get any refund you are entitled to.