The slightly-later-than-usual income tax filing deadline is almost here.
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 the April 17 deadline.
Extensions - If you need additional time to file, you can apply for an extension by submitting Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return to the IRS. It must be postmarked by April 17.
If you have an estimated balance due, a payment must be made with your extension to avoid penalties and interest.
IRA Contributions – There is still time to make contributions to an IRA. In order to get the benefit for 2011, contributions must be made by the April 17th 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.
2012 Estimates – Estimated tax payments for the first quarter of 2012 are also due by April 17th. 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.
A good starting point in calculating the amount of quarterly estimated taxes due is by taking your 2011 tax liability and dividing by it four. For example, if your 2011 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.
Whether you are filing as an individual, business or corporation, here is a list of accountants in your region for your convenience:
- (243-32 72nd Avenue, Little Neck)
- (255-01 Northern Boulevard, Little Neck)
- (45-16 251st Street, Little Neck)
- (45-11 Little Neck Parkway, Little Neck)
- (254-10 Northern Boulevard, Little Neck)
- (254-18 Northern Boulevard, Little Neck)
- (54-40 Little Neck Parkway, Little Neck)