Taxpayers might not know it yet, but last-minute filers will likely soon learn they have more time to file their tax returns this year. In 2011, the deadline for filing is April 18 instead of April 15.

The reason for the change is Emancipation Day, a little known holiday observed in Washington, D.C. on April 16. However, since Emancipation Day falls on a Saturday this year, it will be observed on April 15, triggering a tax code that mandates filing deadlines cannot fall on weekends or holidays. As a result, late filing taxpayers have an extra three days to file in 2011.
For some, those extra three days will be prove invaluable. In addition to taking full advantage of the added time, late-filing taxpayers should consider the following last minute tax tips as well.

• Don’t mistake a tax extension with an extension to pay your taxes. Men and women who file for a tax extension should know that an extension still requires taxpayers to estimate what they owe and send the IRS a check by April 18. A tax extension is only an extension to finish the paperwork, not an extension to pay. It’s important to know an extension request must be filed by April 18.

• Make an accurate estimate. Individuals who have filed an extension and are estimating what they owe should not lowball the IRS. If the IRS finds you owe more than you’ve already paid, you will be subject to fines and penalties. A good rule of thumb when estimating is to examine last year’s return. If you did not change jobs, purchase a home or earn substantially more or less money this year, you can base this year’s tax estimate on last year’s bill.

• Choose the standard deduction if ...