That October 17th tax deadline is looming, and the tax ‘year end’ is coming into sight. Most of us know that there are always questions to be answered Whether the 40th time,, or you will file personal income tax returns for the first time. Living in a Southern California city like Los Angeles, Encino, Woodland Hills, Beverly Hills or even Malibu, it can often feel that everything is rush, rush. You see, it’s easy to fall into the trap of falling behind on things like taxes when simply attempting to keep up with the frenetic pace of life, without a doubt. Oftentimes for 2012, an income tax extension should give you until October 15th to file your return. This is the case. The IRS offers a sixmonth extension of time to file your federal tax return. Form 4868 must be completed on or before the original tax deadline, in order to obtain this extension. It’s important to remember that you are still required to pay your estimated income tax balance when you file for your extension.
An extension to file isn’t considered an extension to pay! Deadline for filing your taxes is quickly approaching, it might be difficult to appreciate. You must file a return if you had ‘self employment’ income of $ 400 or more. Although, hopefully you filed Form 4868 Application for Automatic Extension of Time to File Individual Tax Return, I’d say if you needed more time to prepare your federal individual income tax return before the April 15th deadline. Of course, and, So in case you have your calendar handy, you’ll note that your six months gonna be up on October 17th. That said, just go on and fill out a form, the US Department of the Treasury will give you an automatic extension for up to six months. It’s by no means free, while offering tax payers an extension to file Form 1040 is a nice service provided by the IRS. The IRS likes to receive their money on time, and it will cost you to send it late.
On top of that, remember, that said, this extension only applies to your return, and not to your bill. Remember, you have only three years to claim any refund.
Interestingly, the IRS estimated that there was more than $ 1 billion in unclaimed 2007 tax refunds.
This means that it’s the last year that you can get your 2008 tax refund!
Look, there’s no penalty for filing a late tax return, if you do not owe taxes. We can assist you with getting an extension to ensure that you have the time you should better file your taxes. Give us a call today, if you need more time to file. It’s also important to note that just as you file for an extension with the IRS, it doesn’t mean that you’ll automatically get a state extension. Wallace Associates can help you with filing for an income tax extension. We can help you with this, too! It’s necessary to file the required paperwork on or before the deadline, the IRS approves almost all extensions.