Individual 1040’s:
On October 15th all Individual tax returns (form 1040) are due to be filed with the IRS. If you fail to file your return by the October 15th deadline you will be subject to a late filing penalty. The late filing penalty is usually 5% of the tax due per month with a maximum penatly of 25%. There is also an additional penalty for late payment of your tax. Make sure you get your return filed by October 15th in order to avoid penalties. Even filing one day late results in a penalty of a whole month.
First Time Homebuyer Credit:
The $8000 credit for first time homebuyers is set to expire on December 1st. If you are currently looking to buy a house and want to get in on this credit you must close on your home by November 30. It is highly unliking that Congroess will extend this credit.
If you need help getting your tax return filed or have additional questions about whether or not you qualify for the First Time Homebuyers credit, be sure to consult your tax professional.