If you filed an extension for your taxes back in April, your extension deadline has rolled around. You and approximately 10 million others will have to file your taxes by Thursday, October 15, 2009 to avoid penalties.
But according to tax preparation companies like H&R Block, filing your 2008 tax return by the extension deadline is not your only upcoming tax concern. Here are a few more:
- First-Time Home Buyer Credit - If you're looking to get your hands on up to $8,000 in tax credit - and want to buy a home - then you'd better hurry up and get on the market soon. In order to officially meet the deadline for the First-Time Home Buyer Credit, you must close on your home by November 30th.
- Making Work Pay - This was a program that added extra money to each worker's paycheck throughout the year. However, by adding to the paycheck, you will owe more in taxes. So while you still have time, now is when you want to make sure you adjust your withholdings so that you don't end up owing more at tax time. According to H&R Block, you are especially at risk of owing if you are an individual with multiple incomes, married with dual incomes, a retiree with taxes withheld from pension or Social Security benefits, or an individual who works but are claimed as an dependent on another person's return.
- Open Enrollment - This is also a good time to take advantage of fall benefits open enrollment. During this time, you can choose the right health and retirement plans to help limit your tax liability.
Remember, filing an extension on your federal tax return is not also an extension to pay. For many, this means having had to pay what was owed months ago unless payment agreement was reached with the IRS.
Are you one of the 10 million who had to file an extension? Will you be prepared to file on October 15th?
