Tax Implications of Selling A Small Business
April 15, 2011
579 Changes to the U.S. Tax Code in 2010
April 27, 2011

Income Taxes Are Due Today

Income tax returns are due by the end of today, April 18. Here are a few helpful tips to ensure that your filing runs smoothly.

• Double check your numbers. Especially when filing a paper return. This includes both your mathematical calculations as well as any identifying numbers such as your social security number or your tax ID.
• Make sure you follow the proper submission procedure. Sign and date the return (both spouses must sign if married filing jointly) and be sure to submit your filing to the proper address if you are mailing your return. You can find the appropriate address to mail your return on the IRS website. If you owe additional taxes, the payment check should be made to the “United States Treasury” and should include your tax return or a form 1040-V, the Payment Voucher. The check should include the Social Security number of the first person listed on the return, a daytime phone number, the tax year, and type of form filed.
• File for an extension. An extension gives you an additional six months to file your tax return. In order to get an extension, you need to file Form 4868 with the IRS. You may electronically file Form 4868 through the IRS website. Alternatively, if you use a paid preparer or tax accounting software, they should be able to electronically file Form 4868 on your behalf. Finally, a paper version of Form 4868 is available for download from the IRS website. It is important to remember that an extension of time to file is not an extension of time to pay. All outstanding balances are due by April 18, 2011. Failure to timely pay your tax balance can lead to interest and penalties accessed against you by the IRS.

If you are unable to pay your tax balance, you may have additional options. If you find yourself unable to pay your taxes, contact an Attorney in Jacksonville to see how we can assist you.