When Do I Do My Taxes?

What Day to File Taxes

The federal tax filing date is typically three months and fifteen days after the end of your tax year. However the end of a taxable year could be at the end any month but January, although normally only businesses pursue this option. Double-check what period applies to you if you are unsure.

Only people who make more than the sum of their standard deduction and personal exemption have to file taxes. For the 2010 tax year, that amount is $9,350.

It is still a good idea to file even if you make less than this. If you had any financial losses during the year from an investment, you can only report and "preserve" the loss on a current year tax return. Reporting these losses are important because you can use them to lower how much you owe in taxes in future years, or in the case of operating losses from a small business, you can get money back from taxes paid in prior years.

Also, if you had any money withheld for income tax during the prior year, you need to file to get that amount back as a refund.

Filing taxes also protects you from audits. While it is unlikely that the IRS will audit someone who made less than her standard deduction, unless a return is filed the IRS can audit you for that year indefinitely. When a return is filed, the IRS generally has only three years from the filing date to audit you.

Keep a copy of everything you sent to the IRS, as well as copies of all of the documents that you used to arrive at the numbers contained in your 1040, to protect against audits. The IRS can ask a you for supporting documents in the audit process.