The 2011 tax filing season is almost over. April 18th is the deadline to file your personal tax returns. Yes, April 18th. This year we all get three extra days to file because of a District of Columbia holiday. So if you’re stressing about getting this year’s return filed on time, be sure to thank your friends in D.C. for the extra time.
If you need more time to submit your return you can file an automatic extension that will give you another six months to pull those tax documents together. The extended period ends on October 17th. Please note however that if you owe tax, the amount due is payable on April 18th. An extension to file is not an extension to pay.
The IRS has reported that the number of tax payers filing electronically is increasing each year. Electronic filing has its benefits that include almost zero percent calculation errors and faster refunds. The average filer will receive his or her refund within eight days with direct deposit. Those receiving checks will usually receive their refunds within 14 days.
Many members of the U.S. population are concerned about the recent reports suggesting that there may be a government shutdown within the next few days. A government shutdown will affect the processing of your tax return. It is reported that tax payers taking advantage of e-file and direct deposit will not be impacted. Those filing paper returns and receiving refund checks can expect some processing delays. We’re all hoping of course that members of congress can come up with a budget that reflects the values of the American public and avoid the disruption of a shutdown.
