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Tax Tip of the Week
For the week of
April 1, 2002

Protect yourself with a tax extension

For most people, the deadline for filing your 2001 individual income tax return is April 15, 2002. If you cannot file your return on time, be sure to file an extension request (Form 4868) with the IRS by this date. You must pay any tax due by the April 15th deadline to avoid penalties and interest. But an extension gives you until August 15, 2002, to file your return.

Filing an extension request by the deadline also gives you more time to make important decisions, including:

  • Whether to recharacterize the type of IRA contribution (traditional or Roth) you made for 2001.
  • Whether to change your mind about a 2001 Roth IRA conversion.
  • Whether to establish and contribute to a SEP retirement plan for your business.
  • Whether to contribute to certain other retirement plans, such as a Keogh or SIMPLE plan.
  • Whether to make certain tax elections, such as the new deemed sale election for capital gains.

If you have questions or need assistance with filing an extension, call us. We are here to help.

Prior Tax TipsClick 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.

If you would like more information on anything in "Tax Tips," or if you'd like to be on our mailing list to receive other tax-cutting information from time to time, please contact our office. We're here to help.

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