2012 Tax Season
It was less than three months ago, when the late birds of the 2011 tax season filed their 2010 tax returns, specifically on October 17, 2011, and here is the new tax season just at our doors steps.
On January 04, 2012 the IRS opened the 2012 tax season and announced the major milestones:
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January 17, 2012:
- The first day the IRS will start accepting e-file returns.
- April 17, 2012:
- Thanks to the Emancipation day celebrated by the District of Columbia that fall this year on Monday April 16, once again taxpayers will have two extra days to submit a timely tax return. So the last day to file the 2011 tax return on time and without an extension will be Tuesday April 17, 2012.
- April 17, 2012:
- The last date to file form 4868 (automatic 6 months extension)
- April 22, 2012:
- The last date to retransmit a rejected timely filed return. Tax payers will have 5 extra days to correct returns submitted by April 17, 2012 but were rejected by the IRS due to errors.
- October 15, 2012:
- The last date for transmitting a return with extension. Any 2011 return filed after this date will be automatically considered a late return and it may be subject to late fees, interest and penalties.
- October 19, 2012:
- The last date for correcting and retransmitting rejected returns that were filed by October 15, 2012.
The 2012 season to file the 2011 income tax returns is coming to us, as always the case, with new challenges, new credits, new deductions and many new tax provisions. To make sure tax payers are filing accurate returns and getting the maximum benefit s to increase their refund or lower their tax bill, they should always seek assistance from a professional tax preparer.