The Income Tax Filing Deadline is next Thursday April 15th. Here is a short checklist to run through before then.  A couple of these have to do with Retirement Planning for your IRAs.

1) Don’t Panic -First and foremost understand there is no need to panic if you haven’t prepared your income tax by April, 15th.  I would even say that it is better to file an extension versus sending a tax return that is full of errors and omissions.  If you find yourself in this situation, read the following post I wrote explaining How To File For A Tax Extension I even included a link where you can download Form 4868 (Income Tax Extension Form).

2) Max Out Your IRAs – One of the features of an IRA is that you can fund them up to April 15th for the prior tax year and still claim an income tax deduction for  that year (Traditional IRAs).

Even better to know : If you file for an extension, you have until the extended date (October 15th) to make a contribution and you can still claim the tax deduction for 2009.  For example, if I filed an extension to file my income taxes for 2009, I would have up to October 15th 2010 to fund my IRAs and I could still claim the income tax deduction if it were for a traditional IRA.  Remember Roth IRAs are funded with post tax dollars, so no tax deduction applies.

3) Maximize Every Possible Deduction You Can- This is the equivalent of saying “Don’t leave money on the table.”   You may find yourself pleasantly surprised of the deductions that are made available to you. Hint: There are a lot of newly available deductions.   The following is a list of tax deductions you may qualify for to reduce your taxes.

4) Consider Hiring A Pro – Still don’t want to deal with your taxes because you don’t know where to begin?  If this is the case, I would seriously consider hiring a professional tax preparer.  It may cost you a couple hundred dollars, however; they will also inform you of what tax deductions you qualify for and do all the “heavy lifting” for you.   If the idea of hiring someone else isn’t appealing to you, call the IRS directly. How To Contact The IRS

You should know I am not a tax pro. These are a few main ideas with links to resources to help you get them done.  I hope you take action!

Related posts:

1. How To File A Tax Extension
2. How To Increase Your Yield by 45% With Tax-Deferred Annuities
3. How to Guarantee Your Lifetime Income – Retirement Income