Well today is the day, April 18, 2011, all individual, partnership and trusts tax return for calendar year taxpayers are due. This is also the day that we CPAs get our nights/weekends back and make all our belated “New Years Resolutions”.
If you have not yet filed your taxes or an extension, you need to get to it. Simply file an extension and you will generally have an extra six-months to file your return. Remember, this is an extension of time to file your return, not an extension of time to pay your taxes. So, any anticipated tax you might owe needs to be paid with the extension. If you underpay your taxes, additional penalties may apply.