Sunday, October 17, 2010

2009 Tax Return Filed

On Friday, October 15, 2010, I filed our 2009 tax returns. This was the final deadline under the six month automatic extension allowed from filing Form 4868. Why did I wait so long? Simply, because I could :-) I had already completed a rough draft of my tax return in early 2010, payed the estimate owed by April 15, and expected a small refund when I filed. Originally, I had planned to file this summer, but became over committed due to working several part-time jobs. September was busy with the start of school, various celebrations and some financial courses. Finally, in the first week of October, I did a final draft of my tax return. The following week, I finalized the return and mailed both the Federal and State tax returns.

For the past three years, I have justified filing an extension due to increasing complexity of our return from Roth IRA conversions, self employment income, limited partnership income, and stock option exercises. Each of these events created additional complexity for our tax return which I hadn't dealt with before. As a result, our 2007 - 2009 tax returns took longer to complete than I expected, requiring an extension past April 15. However, in 2010 I do not expect any new tax related complexities.

Thus, I plan to complete and mail the documents by April 15, 2011 so the my summer and early fall will be free from the burden of still needing to file a tax return.

For more on New Beginnings, check back every Sunday for a new segment.

This is not financial or tax advice. Please consult a professional advisor.

Copyright © 2010 Achievement Catalyst, LLC

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