Vol. 1, Issue 10March 2010


Last-Minute Tax Tips

T.S. Eliot declared that April is the cruelest month, and everyone filing an income tax return would probably agree. But there are still a few things you can do to ease the pain.

You have until April 15 to make a contribution to some tax-deferred savings vehicles, such as an Individual Retirement Account (IRA) or a Simplified Employer Plan (SEP). The amount that you can contribute depends on several factors, including your age and income level.

If you just can't quite get it together to file on time, you can ask for a four-month extension and put the whole thing off until Aug. 15. However, you still have to pay your total tax liability by April 15.

If you are outside the country on April 15, you may be eligible for an automatic two-month filing extension. And if you are serving in the military in a combat zone, you may get an even longer extension. For more information, visit the IRS Web site.