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Tax Bits and Pieces
Updated Method For Filing Tax Return Due Date Extensions
Did you file an extension to file 2007 taxes back in April? The Form 4868, provides you an automatic extension of 6 months. IMPORTANT: even though a payment is not required when filing this extension form, this application only extends the time you have to file your return, not pay the taxes you owe. If you don’t pay the amount due by the regular due date, you will owe interest. You may also be charged penalties.
A Whopper of a Contribution
Did you know that for those age 50 and older, you may be eligible to contribute up to $20,500 to your 401(k) in 2008? That could mean a real tax savings come April. Oh yeah, you can also accumulate some money at that rate of savings. Recieving a match? ... Spouse works and can do the same? ... then so much the better.
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