Tax Day 2011 Extension

This year tax season has a different tax extension deadline. It is not that April 15th will fall on a weekend but because of Emancipation Day in the District of Columbia.
The tax extension due date has been extended because this years Emancipation Day, Saturday April 16th is recognized and celebrated as a
holiday for Washington D.C. on Friday April 15.Deadline Taxes Extended by Emancipation Day
It is the celebration of the day when President Lincoln signed the Compensated Emancipated Act nine months prior to his issuance of the infamous Emancipation Proclamation the “first states freed” by the U.S. federal government.

So, all other years when we filed taxes we had to make sure we postmarked before midnight April 15th. But because of this holiday in Washington D.C. Tax Day 2011 has been extended till Monday April 18th by the Department of Treasury.

It is important to know the right date if you are planning/ procrastinating for a Income Tax Extension or if you are outside the US during tax season.

Dates to note on your Calender:

File form 1040 before April 18th, or if you qualify as outside resident (remember to attach a statement to your 1040 tax return explaining how you qualified) before June 15, 2011.
Automatic income tax extension by the form for tax extension 4868 needed to be filed before the same April 18th or tax extension form 2350 for residents outside the US again needs to be approved before June 15th.

Filing of tax extension forms does not extend the time to pay taxes. If you do not pay the taxes due by the due date, interest will be calculated.
You may also be charged penalties. Owed taxes are due on tax day, Monday April 18, 2011.
The late payment penalty is usually ½ of 1% of any unpaid tax (other than estimated tax) by April 18, 2011 (for a calendar year return), or June 15, 2011, if you have the 2 extra months to file
your return because you were out of the country. It will be calculated for each month or part of a month the tax is unpaid. The maximum penalty for not paying before/on Tax Day is 25%.

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