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We always think of the current tax year when the April 15th deadline approaches. And while its good to have your returned filed on time, its best to make sure that the return is prepared as accurately as possible. For some tax payers, that may mean delaying submitting your return for a brief period. of time. The I.R.S. may assess pentalties and interest, but the savings of money and time (later if your return is audited) usually out weighs the possible penalty and interest. Note: You're only penalized if you have a tax liability. Refunds aren't penalized.

While we recommend filing your tax return timely, many tax payers have a more urgent issue. Typically the I.R.S. is only compelled to send your refund if you file (or amend) your taxes within three years of the filing due date. April 15th 2011 signifies the last day you can file and are assured to get your refund for the 2011 tax year. If you have to file or amend a 2011 tax year tax return, that should be your current tax focus. This date also applies to most states. If you think you have a tax liability you should still file because the tax agencies are putting a much larger effort into finding those they feel are responsible for the "tax gap". 

Remember businesses and other entities may have a different due date.