April 18 is a major tax day

Monday, April 18, is a red letter day in the world of taxes. It is the deadline for filing certain returns and taking certain tax-related actions. Here are the major deadlines.

  • Filing 2010 income tax returns for individuals. If you cannot file your return by this deadline, be sure to file an extension request by April 18. The automatic extension (you don’t need to explain to the IRS why you need more time) gives you until October 17, 2011, to file your return. An extension does not, however, give you more time to pay taxes you still owe. To avoid penalty and interest charges, taxes must be paid by April 18.
  • Filing 2010 partnership returns for calendar-year partnerships.
  • Filing 2010 income tax returns for calendar-year trusts and estates.
  • Filing 2010 annual gift tax returns.
  • Making 2010 IRA contributions.
  • Paying the first quarter installment of 2011 individual estimated tax.
  • Amending 2007 individual tax returns (unless the 2007 return had a filing extension).
  • Original filing of 2007 individual income tax return to claim a refund of taxes. Each year taxpayers have tax refunds due them for prior years, and unless a return is filed to claim the refund by the three-year statute of limitations, the refund becomes the property of the U.S. Treasury.
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