deadline

As I posted last week, this year’s April 15th filing deadline for federal taxes has been moved to April 17th…today!!! So if you haven’t done so already make sure you get your tax returns filed by midnight tonight. Don’t forget and good luck with them!

As usual, Kimberly Howell Properties suggests you work with a qualified tax professional when filing your return, particularly if you own a home (or just recently bought or sold one). There are many tax advantages to owning a home and speaking with a qualified professional can help you avoid missing out or making a mistake. If you need recommendations, feel free to contact one of our agents to help.

401K

Tax day is always April 15th of every year, but on those years that the deadline for filing your tax returns with the IRS falls on a weekend, you have until the following Monday to file. This year however, your 2011 tax return is due on April 17th…a Tuesday.

Federal law makes a provision for tax days that land on a federal holiday to be moved to the following weekday (much like the weekend rule). In this case, it is not a federal holiday, but a District of Columbia holiday (which are viewed as federal holidays in the case of the tax law). Emancipation Day marks the day in 1862 when Abraham Lincoln signed the Compensated Emancipation Act, a full nine months before the historic Emancipation Proclamation. This act freed some slaves in service in the District of Columbia and also compensated those that were freed. Emancipation Day is similar to Texas’ Juneteenth.

Will you be spending your weekend working feverishly to finalize your taxes? Just remember to file them on or before April 17th – and don’t forget to call your tax professional to see what tax advantages you might have to owning a home.

image courtesy of 401K