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Wednesday, April 16, 2008

It's April 16th And You Haven't Filed a Return Yet...

Another April 15 has come and gone, and millions of taxpayers still haven't filed their tax returns.

About 10.3 million Americans were expected to file for automatic six-month extensions this year, up from 10 million last year, according to Internal Revenue Service estimates earlier this year. But some people didn't even bother getting an extension.

Whatever the explanation, the costs of not filing this year are considerably higher for most Americans than last year. This year, you have to file in order to be eligible for an economic-stimulus payment. The Treasury Department will begin sending those payments to more than 130 million households early next month.

What to do? And what should you do if you did file on time but suddenly realized you forgot to include something important, such as a tax-deductible donation to your favorite charity? Here is what lawyers, accountants and other tax advisers say about a few post-April 15 issues that some people are wondering about. What to do here.
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