- 2013 balance due payments
- IRA Contributions for 2013
- Estimated tax payments for first quarter 2014
- Statute of limitation 2010 refunds
Just a reminder that the due date for 2013 tax returns is April 15, 2014! There is no penalty for filing late if you are receiving a refund. However, it is quite a different story if you have a balance due. There are two types of penalties. Late filings and late payments are quite severe. Filing an extension gives you until October 15th to file and avoid the late filing penalties. However, there is no extension for paying your tax liability even if you have a valid extension to file.
In addition, the April 15, 2014 deadline also applies to the following:
- Tax year 2013 balance-due payments – Taxpayers that are filing extensions are cautioned that the filing extension is an extension to file, NOT an extension to pay a balance due. Late payment penalties and interest will be assessed on any balance due, even for returns on extension. Taxpayers anticipating a balance due will need to estimate this amount and include their payment with the extension request.
- Tax year 2013 contributions to a Roth or traditional IRA – April 15 is the last day that contributions for 2013 can be made to either a Roth or traditional IRA, even if an extension is filed.
- Individual estimated tax payments for the first quarter of 2014 – Taxpayers, especially those who have filed for an extension, are cautioned that the first installment of the 2014 estimated taxes is due on April 15. If you are on extension and anticipate a refund, all or a portion of the refund can be allocated to this quarter’s payment on the final return when it is filed at a later date. Please call this office for any questions.
- Individual refund claims for tax year 2010 – The regular three-year statute of limitations for refunds expires on April 15 for the 2010 tax return. Thus, no refund will be granted for a 2010 original or amended return that is filed after April 15. Caution: The statute does not apply to balances due for unfiled 2010 returns.
If this office is holding up the completion of your returns because of missing information, please forward that information as quickly as possible in order to meet the April 15 deadline. Keep in mind that the last week of tax season is very hectic, and your returns may not be completed if you wait until the last minute. If it is apparent that the information will not be available in time for the April 15 deadline, then let the office know right away so that an extension request and estimate tax vouchers may be prepared if needed.
If your returns have not yet been completed, please call right away so that we can schedule an appointment and/or file an extension if necessary.
- 3 Apr, 2014
- Haley Spain
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