By Robert Steere, Toolkit Staff Writer

Remember that 2008 income tax return you just weren't ready to file on April 15th? Instead, you filed a request for extension of time to file, thinking you just needed "a little extra time" to pull it all together. But your timely filed extension request gave you an additional six months in which to file. Well, the day of reckoning is fast approaching. The extended deadline for filing your 2008 tax return is October 15, so if you want to avoid late-filing penalties, it's time to get busy.

If you think you are alone in your misery, think again. The IRS expects more than 10 million taxpayers (roughly seven percent of the total number of filers) to file in October. And if you're worrying that you are subject to a higher risk of audit because you extended your filing period, then you should stop. The IRS understands that taxpayers often need the extra time to file a complete and accurate tax return. Sometimes, it is literally impossible for small business owners or self-employed persons to compile all the information they need for a complete return by April 15. Extending the time for filing your return is not considered bad behavior by the IRS. On the other hand, it's better for you not to miss the October 15 deadline!

In addition to the deadline for filing tax returns, other deadlines are also approaching. First, October 15 is also the last day for special voluntary disclosures by taxpayers with unreported income from overseas accounts. The original deadline for this voluntary disclosure program was September 23. It was extended after the IRS received repeated requests from tax practitioners and attorneys around the country who indicated that they had many clients who wanted to come forward, but faced logistical and administrative challenges to meeting the original deadline. No further extension will be provided. Those who don't come forward by the deadline will face harsh civil penalties and, possibly, criminal penalties, if later discovered.

October 17 is the last day for an employer to claim a Work Opportunity Tax Credit with respect to hiring new employees from two new targeted groups: "unemployed veterans" and "disconnected youth." These two groups were added by legislation enacted in February, but retroactively effective from January 1. Because it took some time for the IRS to provide guidance to employers on exactly who is included within these targeted groups, a transitional rule was instituted, giving employers more time to file the certifications required in order to claim the tax credit. By October 17, an employer must submit its request for certification to the proper designated state employment agency with respect to any unemployed veteran or disconnected youth hired during 2009 prior to September 17.

Finally, don't forget that November 30 is the last day to take advantage of the $8,000 first-time homebuyer tax credit. If you qualify for the credit, your home purchase must be completed by November 30 in order for the transaction to be eligible for the tax credit. It may seem like there is still plenty of time to complete such a transaction, but don't be fooled. Finding the right house, negotiating a contract, and then completing all the processes for doing title work and getting financing can take a lot of time. Get right on it if you hope to take advantage of this opportunity!

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