Special Deadline Issue of Inside Information from CTL Financial LLC

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Inside Information?

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Issue: # 005

April 2010

Special DEADLINE Issue of Inside Information

Individual Tax filing deadline

Tax extension filing deadline

2009 IRA contribution deadline

Find out what it means to you!

Greetings!

We want to thank everyone for all the positive feedback on Inside information. We want to encourage everyone to take the quick polls on the right side of the page, so we know what was most useful to our readers and can continue to improve Inside Information. Everybody loves to receive a little Inside information and that's what you'll receive from the Inside Information e-zine periodically from CTL Financial, LLC. Of course our Inside Information is LEGAL but it will be just as valuable as the other kind, we just won't land you behind bars! The Inside Information newsletter will give you valuable insights on current happenings in the tax, investment, insurance and estate planning worlds. Our mission at CTL Financial, LLC is to help Individuals, families and small businesses achieve their financial goals in a tax efficient way, please let us know if we can help you!

The deadline to file your individual income tax return is this Thursday, April 15^th.

What constitutes 'Filing'?

Your tax return must be postmarked by April 15^th, if it is paper filed. It is always suggested to send your return certified mail for proof of the April 15^th postmark. Check your local post office to see if any will be staying open late to accommodate the last minute filers. If you are electronic filing your tax return make sure you transmit in time for your return to be 'drained' to the IRS, your return will have an electronic stamp placed on it and be considered timely filed. **Check with the individual service to see the specific time you have to transmit your return by to be considered timely filed.

You can file for an automatic extension, but the interest clock will start running!

Automatic... but not free

The IRS gives individuals an automatic 6 month extension by filing form 4868 by April 15^th. HOWEVER, the extension is for time to file, NOT AN EXTENSION OF TIME TO PAY YOUR TAXES. This means that the interest calculation begins on April 16^th on taxes you owe the government. To lessen the interest owed, make an estimate of your tax due and submit when you file for the extension. Form 4868 can be both paper filed and electronically filed. **Some states will give you an automatic extension if you file the extension with the IRS, other require their own extension form, check with your state to see what they require.

April 15^th is the deadline to make 2009 IRA contributions

Now is the time to increase your retirement savings

Getting a tax refund? Never make good on your New Year's resolution to save more for retirement this year? You have until April 15^th to make your IRA contribution for 2009. IRA investments are tax deferred, check out the power of tax deferral on your investments results. If you're under the age of 50 you can put $5,000 into an IRA, if you're over the age of 50 you can put $6,000. See if a Traditional or Roth IRA is best for you and if you're eligible to make a contribution for 2009.

Always file even if you can't pay the tax to avoid a penalty

Can't pay, filing anyway!

Along with interest that applies to your taxes due there is also failure to file penalty that is charge by the IRS. The failure to file penalty is 5% of tax due for each month or part of month the return is late, up to a max of 25%. This is separate and in addition to the interest you owe on your taxes due to the IRS.

Securities & Investment Advisory Services offered through H. Beck Inc Member FINRA, SIPC 11140 Rockville Pike 4th Floor Rockville, MD 20852 301-468-0100. H.Beck and CTL Financial, LLC are not affiliated.

In This Issue

Tax filing Deadline is here!

Interest starts when your automatic extension is filed

Your last chance to make 2009 IRA contribtuions

Avoid the failure to file penalty!