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Community Corner

Last Minute Tax Tips

The Deadline is Upon Us, So Here are Some Tips and Accountants in Your Community

The income tax filing deadline is almost here. Due to the observance of Emancipation Day in Washington D.C., tax payers have been given until April 18 - rather than the traditional April 15 deadline - to file.

If you are one of those people who have been procrastinating or just have not found the time to file your returns yet, here are a few helpful reminders for you to consider before Monday's filing deadline.

Extensions - If you need additional time to file, you can apply for a federal extension by filling out Form 7004 as well as a New York State extension by filling out Form IT-370. Remember, this is only an extension of time to file, not an extension of time to pay. If you have an estimated balance due, a payment must be made with your extension to avoid penalties and interest.

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IRA Contributions – There is still time to make contributions to an IRA. In order to get the benefit for 2010, contributions must be made by the April 18th filing deadline. The maximum amount you can contribute to a Traditional IRA is $5,000. If you’re over 50, you’re allowed to contribute an extra $1,000, bringing the total to $6,000.

2011 Estimates – Estimated tax payments for the first quarter of 2011 are also due by April 18th. This is particularly important for those of you who are self-employed or for those who do not have withholdings taken from their paychecks.  Estimates should be made each quarter to avoid underpayment penalties and interest when your return is filed in the following year. 

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A good starting point in calculating the amount of quarterly estimated taxes due is by taking your 2010 tax liability and dividing by it four. For example, if your 2010 tax liability was $10,000, an estimated payment of $2,500 ($10,000 divided by four) should be made. Of course, these amounts can be adjusted if you believe your income is either higher or lower than the previous year. 

For additional information, you can visit the IRS website the New York State Department of Taxation website or speak to a tax professional.

Whether you are filing as an individual, business or corporation, here is a list of accountants in your region for your convenience:

Douglaston Tax & Accounting - 50-28 245th Street - (718) 404-9570

Burke & Burke - 243-32 72nd Ave, Little Neck - (718) 224-8336

Koskinas & Associates LLC - 54-40 Little Neck Parkway - (718) 225-0526

Joel Smith CPA - 45-16 251st Street - (718) 225-8900

Robert E. Anton - 42-32 235th Street - (718) 279-0123

Louis P. Orgera CPA - 254-18 Northern Blvd. - (516) 294-5287

Givelekian Accounting: Givelekian Bedros - 255-01 Northern Boulevard - (718) 224-4992

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