Last day reminder list

April 15th, 2014 by Joe Kristan

Programming note: Tax Roundups will return next week.  I’m taking a few days off, so it will be quiet around here. 

4868Today is the last day of tax season, and the last day to do some important things.  They include:

- File or extend your 1040s today.  Remember, it’s always better to extend than amend.  If you are waiting on a K-1, or some other piece of information, just extend, and save yourself the trouble of redoing your return.

- File or extend any partnership returns due today.  The penalty for late filing is $195 per late K-1, per month.  The penalty still applies even if you don’t owe.  Payments for Form 8804 withholding for non-U.S. partners are also due today.e-file logo

- Document your filing. Certified Mail, Return Receipt Requested works great.  If you can’t get to the post office on time, go to a late-night UPS or FedEx store and use an authorized private delivery service to send your filing to the IRS service center street address.  Remember, few if any post offices stay open late to postmark last-minute filings anymore.

- E-file, saving yourself the headaches of documenting your filing.

- Today is the last day to make a 2013 IRA payment.  If you haven’t made them yet, do so.

daydrinkers- If you are deducting a SEP payment for 2013 on your 1040, either make the payment today or extend your return to extend the time to make the payment.

- If you are day trader, consider the “Section 475 election” today for 2014. It’s too late for 2013, but it could enable you to deduct 2014 losses that are otherwise limited to $3,000.

And finally, review all of our 2014 filing season tips, of which this is the last one, to make sure you haven’t missed something.

 

 

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