IRS

Posted on February 7, 2011

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This year, you don’t have to file your taxes until April 18. Why is that? The IRS says, “Taxpayers will have until Monday, April 18 to file their 2010 tax returns and pay any tax due because Emancipation Day, a holiday observed in the District of Columbia, falls this year on Friday, April 15. By law, District of Columbia holidays impact tax deadlines in the same way that federal holidays do; therefore, all taxpayers will have three extra days to file this year. Taxpayers requesting an extension will have until Oct. 17 to file their 2010 tax returns.”

I usually get a jump on my return and get my taxes in early to get a prompt refund. We don’t have anything coming back this year, however, so we won’t be filing until the April 18 due date.

Keep in mind, some must wait to file until mid- to late-February, and there are some tax law changes that affect small businesses.

You’ll want to either consult with a tax specialist or scour through the laws yourself. I often do my own taxes using TurboTax or TaxACT. Both are usually very up-to-date on tax laws. If your income is under a certain amount, you can also file for free.

TurboTax only failed me one year when it miscalculated my tax by $500. It gave me more of a refund than it should have. Unfortunately, the company’s “guarantee” only covers interest due on the tax you did not pay based on their software error. The IRS audited me two years later when they noticed the error on the tax deduction. It was scary, but deductions I forgot to take emerged, and it ended up significantly reducing what I owed.

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