- Days left

Tax Tips: Reminder on extended due dates

All those who filed extensions for their 2007 tax returns, both business and personal, are probably starting to panic about now. They filed the extensions, and now they're trying to remember when the tax returns are actually due. It was much easier to put off filing even longer once the extension was sent in.

Here's a rundown of the dates you'll need to keep in mind:
  • Personal taxes (Form 1040) -- If you filed an extension, you've got until October 15 to file your return. Don't wait any longer than that. If you're eligible for an economic stimulus check, you can only get it if you meet the October 15 deadline. You won't get a check if you file after October 15.
  • Sole Proprietorship (Schedule C) -- If you file your business taxes as a sole proprietorship, you'll be filing a schedule C with your Form 1040, and therefore will also be subject to the October 15 deadline.
  • Partnerships and LLCs (Form 1065) -- You have until October 15 to file if you sent in an extension.
  • Corporations (Form 1120) - You have until September 15 to file if you sent in an extension.
This page provides a handy calendar regarding due dates for tax returns and estimated tax payments. Don't forget that filing an extension did not give you an extension on time to pay your taxes. All taxes due on income earned in 2007 should have been paid by January 15, 2008. If you still owe money, you will be assessed interest and penalties on any amount that was paid late.

Tracy L. Coenen, CPA, MBA, CFE performs fraud examinations and financial investigations for her company Sequence Inc. Forensic Accounting, and is the author of Essentials of Corporate Fraud.

Learn about investing from the comfort of your own home.

Portfolio Basics

Take the first steps to building your portfolio.

View Course »

Investment Strategies

Learn the strategies you need to build a winning portfolio

View Course »

TurboTax Articles

5 Hidden Ways to Boost Your Tax Refund

Most of us are looking for ways to pay no more than we owe in taxes, or even boost our tax refunds. Here are five strategies that go beyond the obvious with tried-and-true ways to reduce your tax liability.

What, Me Worry? Last Minute Taxes

According to the Internal Revenue Service, 20-25% of all Americans wait until the last two weeks before the deadline to prepare their tax returns. At that late date, there are only two things you can do: File your taxes pronto, or request a tax extension.

Can't File by the Deadline? Top 3 Reasons to File a Tax Extension

The Internal Revenue Service allows taxpayers to file for a 6-month extension if they need more time to prepare their tax return. You can obtain a tax extension for any reason; the IRS grants them automatically as long as you complete the proper form on time. Check your state tax laws; some states accept IRS extensions while others require you to file a separate state extension form.

Add a Comment

*0 / 3000 Character Maximum