Tax Tip of the Week
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Keep these items in mind for April 16
For the week of
February 26, 2001
This year, you have until April 16 to file your Federal individual income tax return,
because April 15 falls on Sunday.
If you can't file your 2000 tax return on time, be sure to request a four-month extension of time by filing Form
4868 by April 16. Remember that an extension of time to file your return is not an extension of time to pay your
tax. The IRS may charge you late-payment penalties and interest on tax you pay after April 16, 2001.
April 16, 2001, is also the deadline for:
- Filing annual gift tax returns if you or your spouse made gifts totaling more than
$10,000 to any individual in 2000. You can request an automatic four-month extension to file your gift tax returns,
if you send your request to the IRS by this date.
- Amending your 1997 tax return to correct items of income, deductions, or credits
that were reported in error or omitted entirely on your original return.
- Contributing to either a Roth or a traditional IRA for the year 2000. Your contribution
to a traditional IRA may give you a deduction on your 2000 tax return, even though you make your contribution in
2001, as long as you mark it as a 2000 contribution and your payment is made on time.
- Establishing a Simplified Employee Pension plan (SEP) for 2000. To give yourself
additional time to establish a 2000 SEP, file for an extension of your 2000 income tax return.
- Making a 2000 contribution to a SEP, SIMPLE, Keogh, or 401(k) retirement plan for
your business, unless you file for an extension of your 2000 income tax return.
- Paying the first installment of your 2001 individual estimated tax.
Avoid missing out on refunds, deductions, and tax choices by observing filing deadlines.
Call us for assistance with filing your returns or for help with other tax matters.
Note: Monday, April 16, 2001, is Patriot's
Day, a legal holiday in Massachusetts. Taxpayers who send their returns to the IRS Service Center in Andover, MA
have until April 17, 2001, to send their returns, payments, and automatic extension requests.
Click here to view previous tax tips.
"Tax Tips" are published weekly to
provide useful tax information. Return to this site every week for helpful tax-cutting suggestions, tax reminders,
and current tax information.
The information contained in this site is of a general nature and should not be acted upon in your specific situation
without further details and/or professional assistance.
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