{"id":89,"date":"2012-03-31T19:15:48","date_gmt":"2012-03-31T19:15:48","guid":{"rendered":"https:\/\/ayoub-associates.com\/blog\/?p=89"},"modified":"2012-07-31T04:46:37","modified_gmt":"2012-07-31T04:46:37","slug":"when-is-the-best-time-to-file-your-tax-return","status":"publish","type":"post","link":"https:\/\/ayoub-associates.com\/blog\/when-is-the-best-time-to-file-your-tax-return\/","title":{"rendered":"When Is the Best Time to File Your Tax Return?"},"content":{"rendered":"

By <\/cite>Barbara Weltman<\/em> | <\/cite>U.S.News & World Report LP<\/em> <\/cite><\/p>\n

 <\/p>\n

The tax law sets deadlines for filing income tax returns.
\nHowever, there is room to maneuver, and the time you choose to file depends on
\nyour personal situation. Here are some guidelines to help you decide on the
\nbest time for you.<\/p>\n

File early <\/strong><\/p>\n

The filing season for 2011 income tax returns officially opened in
\nmid-January 2012 when the IRS began to accept electronically-filed
\nreturns<\/a>. Most individuals do not file before the beginning of February in
\norder to receive information returns, such as W-2s and 1099s, which are usually
\nsent to taxpayers at the end of January; this information is needed to complete
\nthe return.<\/p>\n

There are some compelling reasons to file as early as possible, once the
\nnecessary information is available:<\/p>\n

— To receive a tax refund.<\/strong> If you overpaid your 2011
\ntaxes, the longer you wait, the longer the government has the use of your money
\non an interest-free basis. Usually, you can expect to receive your refund
\nwithin 72 hours after IRS acknowledges receipt of your e-filed return, or three
\nto four weeks after mailing a paper return. However, the IRS has recently
\nindicated that some refunds may be delayed a week or two due to security measures
\nagainst fraud.<\/p>\n

— To apply a refund to 2011 IRA or HSA contributions.<\/strong> You
\ncan direct the IRS to transfer your refund directly to an IRA or Health Savings
\nAccount (HSA) for 2011, assuming you are eligible to make a contribution. If
\nyou want the refund to be used for a contribution that will be deducted on the
\n2011 return, the return must be filed early enough to ensure that the transfer
\nis complete before April 17, 2012, the deadline for a 2011 contribution.<\/p>\n

Use Form 8888<\/a> to indicate the
\naccount to which you want your refund transferred; you can split the refund
\ninto as many as three accounts.<\/p>\n

— To get the filing obligation behind you.<\/strong> Many taxpayers
\ndread income tax filing, so the sooner they complete the task, the better off
\nthey feel.<\/p>\n

April 17 <\/strong><\/p>\n

The deadline for filing the 2011 individual income tax return is April 17,
\n2012 (April 15 is a Sunday and April 16 is a holiday in the District of
\nColumbia). The majority of taxpayers file by this date; it avoids the need to
\nrequest a filing extension.<\/p>\n

Even if you normally might ask for an extension because you don’t get around
\nto completing the return by this date, you may have to force yourself to do so
\nin certain situations, such as:<\/p>\n

— Needing a completed tax return for financial aid purposes if you, your
\nspouse, or your child is in or will attend college.<\/p>\n

— Needing a completed tax return if you want to refinance your mortgage.<\/p>\n

If, for any reason, you want more time, you have to request a filing
\nextension by April 17. This is done on Form 4868<\/a>. But beware: The
\nextension only gives you more time to file the return, not to pay taxes owed.
\nIf you obtain a filing extension, pay as much of the tax you owe to minimize or
\navoid underpayment penalties.<\/p>\n

October 15 <\/strong><\/p>\n

The final day to file your 2011 income tax return is Oct. 15, 2012, assuming
\nyou’ve received a filing extension. If you file after this date, you’ll owe
\nlate filing penalties.<\/p>\n

This date is also the last day to file electronically. If you miss the
\ndeadline, you’ll have to submit a paper return.<\/p>\n

There are no IRS indications or taxpayer anecdotes to show that filing by
\nthis date creates any additional audit exposure. So take advantage of this
\nextra time to file if you need it for such reasons as:<\/p>\n

— Family problems.<\/strong> If there’s an illness, a move, or other
\npersonal issues distracting you, take the extra time–to October 15–to file
\nthe return.<\/p>\n

— Obtaining missing information.<\/strong> For example, if you’re an
\nowner in an S corporation, partnership, or limited liability company, you may
\nnot receive until September 15 the Schedule K-1 indicating the share of income
\nand expenses you claim on your return.<\/p>\n

— Funding a SEP retirement plan if you are self-employed.<\/strong>
\nYou may not have the cash before this date to make your contribution.<\/p>\n","protected":false},"excerpt":{"rendered":"

By Barbara Weltman | U.S.News & World Report LP   The tax law sets deadlines for filing income tax returns. However, there is room to maneuver, and the time you […]<\/p>\n","protected":false},"author":88890,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-89","post","type-post","status-publish","format-standard","hentry","category-tax-tips"],"yoast_head":"\nWhen Is the Best Time to File Your Tax Return? - Ayoub Sidhum & Co.<\/title>\n<meta name=\"description\" content=\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. We service Corona, Riverside, Pomona, Fontana, Chino Hills, Yorba Linda, Norco, Mira Loma, Orange County, Riverside, San Bernardino and Los Angeles, CA.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ayoub-associates.com\/blog\/when-is-the-best-time-to-file-your-tax-return\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"When Is the Best Time to File Your Tax Return? - Ayoub Sidhum & Co.\" \/>\n<meta property=\"og:description\" content=\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. We service Corona, Riverside, Pomona, Fontana, Chino Hills, Yorba Linda, Norco, Mira Loma, Orange County, Riverside, San Bernardino and Los Angeles, CA.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/ayoub-associates.com\/blog\/when-is-the-best-time-to-file-your-tax-return\/\" \/>\n<meta property=\"og:site_name\" content=\"Ayoub Sidhum & Co.\" \/>\n<meta property=\"article:published_time\" content=\"2012-03-31T19:15:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2012-07-31T04:46:37+00:00\" \/>\n<meta name=\"author\" content=\"Fiby\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Fiby\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/ayoub-associates.com\/blog\/when-is-the-best-time-to-file-your-tax-return\/\",\"url\":\"https:\/\/ayoub-associates.com\/blog\/when-is-the-best-time-to-file-your-tax-return\/\",\"name\":\"When Is the Best Time to File Your Tax Return? - Ayoub Sidhum & Co.\",\"isPartOf\":{\"@id\":\"https:\/\/ayoub-associates.com\/blog\/#website\"},\"datePublished\":\"2012-03-31T19:15:48+00:00\",\"dateModified\":\"2012-07-31T04:46:37+00:00\",\"author\":{\"@id\":\"https:\/\/ayoub-associates.com\/blog\/#\/schema\/person\/819e669f94ef1ae143e30897e4f5f9bd\"},\"description\":\"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. We service Corona, Riverside, Pomona, Fontana, Chino Hills, Yorba Linda, Norco, Mira Loma, Orange County, Riverside, San Bernardino and Los Angeles, CA.\",\"breadcrumb\":{\"@id\":\"https:\/\/ayoub-associates.com\/blog\/when-is-the-best-time-to-file-your-tax-return\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/ayoub-associates.com\/blog\/when-is-the-best-time-to-file-your-tax-return\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/ayoub-associates.com\/blog\/when-is-the-best-time-to-file-your-tax-return\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/ayoub-associates.com\/blog\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"When Is the Best Time to File Your Tax Return?\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/ayoub-associates.com\/blog\/#website\",\"url\":\"https:\/\/ayoub-associates.com\/blog\/\",\"name\":\"Ayoub Sidhum & Co.\",\"description\":\"Full Service Riverside CPA & Accounting\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/ayoub-associates.com\/blog\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/ayoub-associates.com\/blog\/#\/schema\/person\/819e669f94ef1ae143e30897e4f5f9bd\",\"name\":\"Fiby\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/ayoub-associates.com\/blog\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/6493359f34c77dabe419ce4aac7ae21b?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/6493359f34c77dabe419ce4aac7ae21b?s=96&d=mm&r=g\",\"caption\":\"Fiby\"},\"url\":\"https:\/\/ayoub-associates.com\/blog\/author\/fiby\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"When Is the Best Time to File Your Tax Return? - Ayoub Sidhum & Co.","description":"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. We service Corona, Riverside, Pomona, Fontana, Chino Hills, Yorba Linda, Norco, Mira Loma, Orange County, Riverside, San Bernardino and Los Angeles, CA.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/ayoub-associates.com\/blog\/when-is-the-best-time-to-file-your-tax-return\/","og_locale":"en_US","og_type":"article","og_title":"When Is the Best Time to File Your Tax Return? - Ayoub Sidhum & Co.","og_description":"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. We service Corona, Riverside, Pomona, Fontana, Chino Hills, Yorba Linda, Norco, Mira Loma, Orange County, Riverside, San Bernardino and Los Angeles, CA.","og_url":"https:\/\/ayoub-associates.com\/blog\/when-is-the-best-time-to-file-your-tax-return\/","og_site_name":"Ayoub Sidhum & Co.","article_published_time":"2012-03-31T19:15:48+00:00","article_modified_time":"2012-07-31T04:46:37+00:00","author":"Fiby","twitter_misc":{"Written by":"Fiby","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/ayoub-associates.com\/blog\/when-is-the-best-time-to-file-your-tax-return\/","url":"https:\/\/ayoub-associates.com\/blog\/when-is-the-best-time-to-file-your-tax-return\/","name":"When Is the Best Time to File Your Tax Return? - Ayoub Sidhum & Co.","isPartOf":{"@id":"https:\/\/ayoub-associates.com\/blog\/#website"},"datePublished":"2012-03-31T19:15:48+00:00","dateModified":"2012-07-31T04:46:37+00:00","author":{"@id":"https:\/\/ayoub-associates.com\/blog\/#\/schema\/person\/819e669f94ef1ae143e30897e4f5f9bd"},"description":"Ayoub and Associates CPA Firm is a full service Corona CPA firm that provides services in accounting, tax preparation and planning, IRS audit, and sales tax. We service Corona, Riverside, Pomona, Fontana, Chino Hills, Yorba Linda, Norco, Mira Loma, Orange County, Riverside, San Bernardino and Los Angeles, CA.","breadcrumb":{"@id":"https:\/\/ayoub-associates.com\/blog\/when-is-the-best-time-to-file-your-tax-return\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/ayoub-associates.com\/blog\/when-is-the-best-time-to-file-your-tax-return\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/ayoub-associates.com\/blog\/when-is-the-best-time-to-file-your-tax-return\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/ayoub-associates.com\/blog\/"},{"@type":"ListItem","position":2,"name":"When Is the Best Time to File Your Tax Return?"}]},{"@type":"WebSite","@id":"https:\/\/ayoub-associates.com\/blog\/#website","url":"https:\/\/ayoub-associates.com\/blog\/","name":"Ayoub Sidhum & Co.","description":"Full Service Riverside CPA & Accounting","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/ayoub-associates.com\/blog\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/ayoub-associates.com\/blog\/#\/schema\/person\/819e669f94ef1ae143e30897e4f5f9bd","name":"Fiby","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/ayoub-associates.com\/blog\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/6493359f34c77dabe419ce4aac7ae21b?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/6493359f34c77dabe419ce4aac7ae21b?s=96&d=mm&r=g","caption":"Fiby"},"url":"https:\/\/ayoub-associates.com\/blog\/author\/fiby\/"}]}},"_links":{"self":[{"href":"https:\/\/ayoub-associates.com\/blog\/wp-json\/wp\/v2\/posts\/89","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ayoub-associates.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ayoub-associates.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ayoub-associates.com\/blog\/wp-json\/wp\/v2\/users\/88890"}],"replies":[{"embeddable":true,"href":"https:\/\/ayoub-associates.com\/blog\/wp-json\/wp\/v2\/comments?post=89"}],"version-history":[{"count":3,"href":"https:\/\/ayoub-associates.com\/blog\/wp-json\/wp\/v2\/posts\/89\/revisions"}],"predecessor-version":[{"id":157,"href":"https:\/\/ayoub-associates.com\/blog\/wp-json\/wp\/v2\/posts\/89\/revisions\/157"}],"wp:attachment":[{"href":"https:\/\/ayoub-associates.com\/blog\/wp-json\/wp\/v2\/media?parent=89"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ayoub-associates.com\/blog\/wp-json\/wp\/v2\/categories?post=89"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ayoub-associates.com\/blog\/wp-json\/wp\/v2\/tags?post=89"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}