Millions of people file tax return extensions every year. The tax filing deadlines can rush up on your quickly. Fortunately, filing an extension isn't particularly difficult. For individuals, there are two available extensions.
Automatic Extension
What do you do if April 15th is approaching and you simply can't get your taxes done? The IRS allows you to file a request for a four-month extension to file your tax returns. Simply file form 4868 and you will automatically be given until August 15th to get your return in.
Second Extension
What do you do if August 15th is quickly approaching and you still can't get your returns together? You can file an additional request for an extension to file your tax returns. Unfortunately, the IRS isn't going to automatically grant your request. Instead, you have to show the following:
1. The reason for requesting the extension,
2. The particular tax return for which the extension of time to file is desired,
3. The tax year to which the extension applies,
4. The length of time needed for the extension, and
5. Whether another extension of time to file has already been granted for this tax year.
If you can provide credible information, the IRS will grant you an additional extension for two months. To request the extension, you must file form 2688.
Failing To File
Failing to file a tax return or application for extension is a bad move. Penalties can be as high as 5% for each month your return is late. The penalty does max out at 25% of the tax due, but your risk of an audit or having your return red flagged increases dramatically. Filing a tax return extension is fairly simple, so you should never have this problem.
Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax refunds for small businesses by finding overlooked tax deductions and credits through a free tax return review. Read additional tax articles at http://www.businesstaxrecovery.com for more information.
recurring maid service Buffalo Grove ..The Internal Revenue Service has certified the 2006 Toyota Highlander... Read More
Own residential rental properties? This article discusses how income from... Read More
All states also have their own tax system. Typically there... Read More
Someone once remarked, "Next to being shot at and missed,... Read More
Ever wish that, as a business owner, you knew exactly... Read More
Donating your used car to charity is a win-win situation;... Read More
Deducting Your Auto ExpensesAuto deductions are a very complex topic.... Read More
Each year, the IRS lists various scams taxpayers get caught... Read More
OverviewIn the Pre-Budget Report of December 2003 the Chancellor Gordon... Read More
How Home-Based Businesses Can Avoid Giving Uncle Sam... Read More
As a gentleman was leaving my class recently, he wanted... Read More
As an employer, you must pay employment taxes if you... Read More
Media reporting of a new EU savings tax directive has... Read More
Strategic planning throughout the year results in a minimal tax... Read More
Assume a buyer in Pakistan downloads software from the Internet... Read More
When buying a business, how the "purchase price" is made... Read More
In the latest Star Wars episode, the evil empire executes... Read More
Whether helping the kids with a down payment on their... Read More
We all love to criticize the IRS, don't we? And... Read More
Self-assessment relies on taxpayers voluntarily meeting their tax obligations. This... Read More
Most people trying to make a crust online (or offline... Read More
The 100 year old investment-banking firm of... Read More
Estate taxes. It's not enough to simply know they exist,... Read More
If you paid someone to care for a child so... Read More
One way to maximize your business profits is by reducing... Read More
premium house cleaning Glenview ..All states also have their own tax system. Typically there... Read More
Over 50% of marriages end in divorce in the United... Read More
At the present time a company incorporated in the Isle... Read More
Yes, the tax season is upon with the first filing... Read More
The powers of Congress, and the limitations set upon those... Read More
The IRS has obtained civil injunctions against more than 100... Read More
Have you been thinking about incorporating your small business or... Read More
In the largest criminal tax case ever filed, KMPG has... Read More
While there are many equally valid reasons to incorporate, saving... Read More
Self-assessment relies on taxpayers voluntarily meeting their tax obligations. This... Read More
If you have employees, you are responsible for paying a... Read More
IRS Tax forms can be confusing.Am I a 1099 or... Read More
As your business grows, you are going to need help.... Read More
Choosing the right tax preparer for your business is a... Read More
Assume a buyer in Pakistan downloads software from the Internet... Read More
How about a Tax Tip?As we all know Taxes are... Read More
If your business has employees, you must pay employment taxes.... Read More
It's that time again, the April 15 tax deadline is... Read More
Does this scene sound familiar? It's April 7. You haven't... Read More
The electronic transaction ordinance defines the certificated copies in which... Read More
Whether helping the kids with a down payment on their... Read More
Many taxpayers are confused about how long they should keep... Read More
The Sarbanes-Oxley Act, also called the Public Company Accounting Reform... Read More
Let's assume that you would like to begin saving for... Read More
Most people trying to make a crust online (or offline... Read More
Tax |