This year (2010 Tax Filing Year) according to the IRS, the official deadline for 2010 non-extension federal income tax filing is April 18th 2011, due to the Emancipation Holiday, which falls on the 15th of April, 2011.
Early Filers Watch out:
In a slightly unusual twist this year, due to tax law changes near the end of the year, the IRS is not allowing filers who itemize to file earlier than Mid to Late February, again, according to the IRS.
For investors, we do not recommend filing earlier than mid to late March 2011, for your 2010 Federal Income Tax Year. It is fine to have your taxes completed before this time, just hold off on filing. While we know this may seem a stretch for many, especially when a refund is due, the complication of tax reporting and investment reconciliation has risen in recent years. By waiting a bit longer into the season, amended returns may be avoided.
It is not unusual for investment firms to issue corrected 1099’s (Tax reporting statements and reconciliations) very late into the tax season, sometimes as late as April. It is generally much easier to adjust returns before filing, rather than amending a return if a corrected investment statement is issued.
Filing an Extension is ok !
If you find you are unable to meet the April 18th deadline, do not be afraid to file an extension. Extension needs happen, and are not unusual, Form 4868, generally allows for a six month extension of time to file.
File something by April 18, 2011!
The IRS needs to know your intentions, not filing something by the deadline is a no, no!
Please file something.
Lastly, tax reporting documents:
Many investment related forms now arrive on our around February 15th (we send investors cost basis tax reconciliation sheets during this time as well), do not worry if you do not receive many of your investment related tax worksheets until Mid February.
Please consult your tax advisor for specific rules that may affect you, we are not a CPA firm, and as such, the recommendations above are general in nature and your individual situation may differ.
Have a Great Day!