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OCT. 15 TAX DEADLINE
APPROACHES
WASHINGTON - Although most taxpayers have long since
filed their 2003 federal income tax returns, the Internal
Revenue Service said on September 30, 2004, that more than
two million people still face the Oct. 15 filing deadline.
However, there are many taxpayers in Presidentially declared
disaster areas who have been granted additional time to file
their tax returns. These extensions affect taxpayers in parts
of Alabama, Florida, Georgia, Louisiana, Mississippi,
Pennsylvania, North Carolina, Ohio and Virginia.
The IRS reminded taxpayers who received an additional
extension in August that they should file their returns
by October 15 to avoid the late filing penalty, which
is generally 5 percent per month of any unpaid tax.
Last year, the IRS received more than 2 million returns
in October.
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Taxpayers may file returns electronically until October 15;
some may be able to file for free through the free file
program through IRS.gov. Taxpayers may use tax software
on their own computers or e-file through an authorized
provider. These options offer taxpayers security and
accuracy in filing their returns, as well as faster refunds.
Taxpayers who already filed a timely tax return are
approaching the deadline for recharacterizing - or reversing
- a 2003 conversion of a traditional IRA to a Roth IRA.
This might be desirable because of a sharp decline in
the IRA's value. To do so, a taxpayer must arrange
with the IRA trustee to complete the recharacterization
by Oct. 15. An amended tax return may get the taxpayer
a refund on the resulting lower income.
Courtesy of Courtesy of the Internal Revenue Service.
Published TaxMama.com 10.1.04
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