There are only 3 more days until Tax Day. The official deadline to file your 2009 return is Thursday, April 15th. Have you filed your taxes?
2009 Tax Benefit Highlights
According to the Internal Revenue Service (IRS), the average income tax return is up about 10%. The Recovery Act of 2009 provided tax benefits. Some of these tax benefits included:
- Homebuyer Tax Credit up to $8,000
- Higher Education Savings
- New Vehicle Tax Deductions (purchased from February 17, 2009 – December 31, 2009)
- Tax Break on Unemployment Benefits up to $2,400
For more information on the tax saving benefits that you may qualify for under the Recovery Act of 2009, you may use the Recovery Act Tax Savings Tool and consult your tax preparer.
Are you able to file your taxes on time?
If you need more time to file, then file Form 4868 by April 15th for an extension. This will give you a six months extension through October 15th to file your taxes. Filing the extension helps you to avoid the failure-to-file penalty.
If you expect to pay taxes and choose to file an extension, please note that filing an extension does not prevent you from incurring late payment penalties/fees – which could really add up. Estimating your taxes beforehand and including payment with the extension to file request will save you money. If you cannot afford to pay the full amount, then contact the IRS to discuss the installment payment plan option.
Watch the IRS video below to learn more about filing an extension. Click Here if you cannot see the video.
Please share any thoughts you have using comments.
