Today, April 17, 2012, is the deadline for filing your 2011 federal income tax return. To avoid late filing penalties, you must submit your return by midnight—by mail or electronically. Don’t let your inability to pay immediately all of the taxes you owe keep you from filing your return. Payments are a separate matter from filing; separate penalties apply. You can take various actions for paying your taxes, such as charging outstanding taxes or asking for an installment payment agreement.
If, for any reason, you can’t meet today’s deadline, just ask for a filing extension. You’ll get 6 more months, until October 15, to submit your return.
The filing extension is made on Form 4868, which you can file by mail or electronically. Just estimate the taxes you expect to owe, if any; you don’t even have to sign the form. Of course, it’s a good idea to pay as much as you can of your anticipated tax bill to minimize or avoid late-filing penalties.
More than 12 million taxpayers claimed an education credit on a 2010 return, up from 10 million in 2009.
Source: Statistics of Income Bulletin, Winter 2012View all factoids