If you filed for an extension of time to prepared your 2012 federal income tax return, your return is due by Tuesday, 15 October 2013. Each year, thousands of Americans utilize the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return to give them additional time to calculate their tax liabilities. Unfortunately, it’s only good for six months. Get out your files and calculators so you’re not crazy next month! It is so easy to keep putting it off and off until you’re in a crunch. I did that one year, and I discovered numerous silly mistakes when I finally completed my return. Hurrying is not good.
I spent my morning tracking down small details to finally complete our 2012 income tax return, then spent a few extra minutes looking at our family’s estimated tax situation for 2013. I double-checked to ensure that we are having an appropriate amount of money withheld from each paycheck so that our total withholding will come close to our actual liability. It can be tricky, but it is worth the effort to at least check. If you discover that you are off dramatically, you can adjust your withholding through the MyPay system.
Don’t forget that military members serving in a qualified tax-exempt combat zone have an automatic extension for six months following their last day in the qualified area. More information regarding this extension can be found in IRS Publication 3, Armed Forces Tax Guide.