Taxpayers face three key deadlines today.
File that 1040: The first deadline is the most well-known. Oct. 15 is the last day for taxpayers who got a filing extension to submit their Form 1040s.
If you continue to procrastinate and owe taxes, things could get expensive.
IRA recharacterization: Next up is the deadline to recharacterize IRAs. This do-over opportuity could save some retirement account holders tax money.
That's the case for folks who converted a traditional IRA to a Roth account, paid taxes on the converted funds and then watched the value of their IRA sink.
If that happened to you, today is your last chance to redo your retirement account and recoup that money.
Nonprofit filings due: Finally, small nonprofits that didn't file returns for the 2007, 2008 and 2009 tax years must get those documents to the IRS by Oct. 15 or risk losing their tax-exempt status.
Today's filing deadline is a one-time relief offer to the affected organizations.
The IRS has posted a list of nonprofit organizations at risk of losing their tax-exempt status. The information will stay on the IRS website thorugh today.
Organizations that miss the Oct. 15 filing deadline will have their tax-exempt status revoked. The IRS says it will publish a list of the no-longer-tax-exempt groups in early 2011.
Philanthropic taxpayers also should pay attention to both the current pending nonprofit list and the final one.
The IRS says that contributions to at-risk charitable groups are OK until the final revocation list is published.
But once a group's tax-exempt status is kaput, donations can't be deducted.
Related posts:
- IRS encounters technical problems as Oct. 15 final filing deadline looms
- Roth recharacterization deadline: Oct. 15
- 10 tax tips for 10/10/10
- Midyear tax tip #8: Get charitable
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