Quote:
Originally Posted by janmcn
An individual's tax returns are complete as soon as that individual signs his name and date on the dotted line and puts them in the mail. They can be amended at a later date by filing a different form. Mitt Romney filed and got an automatic extension by April 15, 2012, when he was required to pay any tax liability. Does anybody know when the extension deadline occurs?
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The extension deadline is October 15th; however, you are correct all tax liability must be paid by April 15th. In fact, 90% of all tax liability must be paid by December 31st of the tax year; otherwise the tax payer is required to pay penalty and interest on the unpaid amount.
Based on Governor Romney's income generated almost exclusively from investment income and if he wants to avoid penalty and interest payments, he needs to have a fairly accurate assumption of his tax liability by the close of the tax year - in this case by December 31, 2011.