Tax deadline: one week away

For those filed Form 4868 Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, now is the time to make plans to finalize your tax return. The due date is October 17, 2011.

3 days left to file your return

Normally today is the final day to timely file your federal income tax return. However, this year the IRS extended the deadline to April 18, 2011 because today is Emancipation Day, a District of Columbia holiday. Taxpayers requesting an extension have until Oct. 17 to file their 2010 tax returns. Now start filing.

The Clock is Ticking

If you haven't filed a prior year tax return, it's not too late. Generally, a refund can be claimed by filing the tax return within three years from the due date.

That means if you haven't filed your 2007 return, the deadline is April 18, 2011 to claim your refund. If you extended that return, the due date is October 17, 2011.

The Internal Revenue Service (IRS) announced that it has $1.1 Billion for People who have not filed a 2007 tax return.

Don't wait any longer, file your return.

What's New for your 2010 Income Tax Return

Due Date
Even though April 15 falls on a Friday this year, the deadline for your 2010 Form 1040 is Monday April 18. Emancipation Day is a District of Columbia holiday that falls on April 15 so the tax filing deadline for the whole nation is deferred to April 18 . If your return won't be ready by then, you can extend the deadline all the way out to October 17 by filing Form 4868 on or before April 18.

Personal exemption: $3,650 ($3,800 in 2012, $3,700 in 2011)

Standard deduction:
MFJ/QW $11,400 ($11,900 in 2012, $11,600 in 2011)
HH $8,400 ($8,700 in 2012, $8,500 in 2011, $8,350 in 2009)
Single / MFS $5,700 ($5,950 in 2012, $5,800 in 2011)

Maximum Earned Income Credit
$5,666 if 3 or more qualifying children ($5,891 in 2012, $5,751 in 2011, $5,657 in 2009)
$5,036 if 2 qualifying children (from $5,028 in 2009)
$3,050 if 1 qualifying child (from $3,043 in 2009)
$457 if no qualifying child (same)

Income Limits for Earned Income Credit

• Three or more qualifying children and earn less than $43,352 ($48,362 if MFJ)
• Two qualifying children and earn less than $40,363 ($45,373 if MFJ)
• One qualifying child and earn less than $35,535 ($40,545 if MFJ)
• No qualifying child and earn less than $13,460 ($18,470 if MFJ)

Wages Limit
The maximum amount of wages subject to social security tax is $106,800 (same as 2009).

Tax filing deadline extended to April 18

The IRS extended the 2010 federal income tax filing deadline to April 18, 2011 because Emancipation Day, a District of Columbia holiday, falls on Friday, April 15. Taxpayers requesting an extension have until Oct. 17 to file their 2010 tax returns.