Taxes

“Nothing is certain but death and taxes”

Benjamin Franklin said it over 220 years ago and it still rings true today.

Today is February 6th and by now you should have received most, if not all, of your W-2’s, 1099’s etc.

Here are some dates that I received in an email from TurboTax Online that you should pay attention to if you don’t want to end up with a hefty tax penalty.

Individual Tax Returns Due for Tax Year 2009

April 15, 2010.

Individual Tax Return Extension Form Due for Tax Year 2009
Need more time to prepare your tax return? File your request for an extension by April 15 to push your deadline back to October 15, 2010.
1st Quarter 2010 Estimated Tax Payment Due
If you are self-employed or have other first-quarter income that requires you to pay quarterly estimated taxes, get your Form 1040-ES postmarked by April 15, 2010.
Last Day to make a 2009 IRA Contribution
If you haven’t already funded your retirement account for 2009, do so by April 15, 2010. That’s the deadline for a contribution to a traditional IRA, deductible or not, and a Roth IRA. However, if you have a Keogh or SEP and you get a filing extension to October 15, 2010, you can wait until then to put 2009 money into those accounts.
June 15, 2010 2nd Quarter 2010 Estimated Tax Payment Due
If you are self-employed or have other second-quarter income that requires you to pay quarterly estimated taxes, make sure your payment is postmarked by June 15, 2010.
September 15,  2010 3rd Quarter 2010 Estimated Tax Payment Due
If you are self-employed or have other third-quarter income that requires you to pay quarterly estimated taxes, make sure your third quarter payment is postmarked by Sept. 15, 2010.
October 15, 2010 Extended Individual Tax Returns Due
If you got a filing extension on your 2009 tax return, you need to get it completed and postmarked by October 15, 2010.
Last Chance to Recharacterize 2009 Roth IRA Conversion
If you converted a traditional IRA to a Roth during 2009 and paid tax on the conversion with your 2009 return, October 15, 2010 is the deadline for recharacterizing (undoing) the conversion. Doing so could save you money if the IRA has lost money since the time of the original conversion.
January 18, 2011 4th Quarter 2010 Estimated Tax Payment Due
If you are self-employed or have other fourth-quarter income that requires you to pay quarterly estimated taxes, get them postmarked by January 18, 2011. (January 15, 2011 is a Saturday and the following Monday is a federal holiday.)

Taxes are great, are they not?

‘Tis the season where we complain about the amounts we pay, but just consider the benefits that we have.

Question of the post:

Top Tax Posts from fellow bloggers:

How to Save Money on Taxes: $27.95 to be Exact by PT Money

Free Turbo Tax Software by Money Smart Life

Exciting site news:

Check out shopzach for great deals!

Also, if you can feel free to guest post on College for 10k.

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About Zach Younkin

I'm currently enrolled at Western Governors University, pursuing my degree in Accounting. I'm hoping that this blog provides you with some encouragement to be what God has promised you. This blog collects dust, which is unfortunate. Keep your eyes open for some sporadic blog posts. I spend more time on Twitter, so go follow me there. @zachyounkin
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3 Responses to Taxes

  1. Pingback: uberVU - social comments

  2. Proud to report the taxes are done and refunded!
    My recent post Should I Hurry to Pay off My Student Loans

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