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April is Easter, taxes and a whole lot more.

SG_Partners_spring

The month of April brings spring, Easter and important tax deadlines.

Monday, April 18, is considered the red letter day in the world of taxes. It is the deadline for filing certain returns and taking certain tax-related actions. Here are the major deadlines that fall in the month of April.

Filing 2010 income tax returns for individuals
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If for some reason you cannot file your return by this deadline, be sure to file an extension request by April 18. The automatic extension (you don’t need to explain to the IRS why you need more time) gives you until October 17, 2011, to file your return.

What it does not  give you is more time to pay the taxes you still owe.  To avoid penalties and interest charges, taxes must be paid by April 18.

Other important forms that must be filed in April include:

  • Partnership returns for calendar-year partnerships.
  • Income tax returns for calendar-year trusts and estates.
  • Annual gift tax returns.

It is also the time for:

  • Making 2010 IRA contributions.
  • Paying the first quarter installment of 2011 individual estimated tax.
  • Amending 2007 individual tax returns (unless the 2007 return had a filing extension).
  • Original filing of 2007 individual income tax return to claim a refund of taxes. – Each year taxpayers have tax refunds due them for prior years, and unless a return is filed to claim the refund by the three-year statute of limitations, the refund becomes the property of the U.S. Treasury.

The new rules for 2011 tax planning opportunities are:

Business tax planning

Investment planning

IRA planning

Contact our experts at SG Partners Inc. for more information on this and other tax issues.  We are experts in outsourcing in human resources, accounting and tax preparations.

Avoid penalties by filing earlier and if you do not have time, hire us, you will be glad you did. You will get the maximum benefit you are  entitled to, you will save money on penalties and you will sleep better knowing that one job on your huge to do list has been taken care.  It just makes sense.