Extension Deadline is Creeping Up!

T-minus 15 days!

For those procrastinators out there (like me), the deadline for completing your tax filing is rapidly approaching. October 15th is the drop-dead date to e-file your 2008 tax returns. Most tax practitioners are extremely busy once again as this deadline approaches so if you still have not filed, make an appointment and head in to see your local Liberty Tax office!

Taxpayers can get an automatic six-month extension of time to file their tax returns by filing Form 4868, Automatic Extension of Time to File - this form must be filed by April 15th and the IRS typically grants these to everyone that requests an extension. For additional information on extensions, refer to Topic 304, Extensions of Time to File Your Tax Return

It's important to note that an extension of time to file is not an extension of time to pay. You will owe interest on any past–due tax and you may be subject to a late–payment penalty if payment is not made timely. I always tell my clients that even if you cannot pay, FILE YOUR RETURN - there are options to setup payment arrangements but the failure to file penalties are much larger than the late payment penalties. For additional information on what to do if you cannot pay your income tax, refer to Topic 202, Tax Payment Options.

In the famous words of Larry the Cable Guy, "Giddy up, Buckle Down and GIT-R-DONE!"

-dr

Disclaimer: Every effort has been taken to provide the most accurate and honest analysis of the tax information provided in this blog. Please use your discretion before making any decisions based on the information provided. This blog is not intended to be a substitute for seeking professional tax advice based on your individual needs.

Posted To: Tax Rants by David Rocci By: David Rocci On: Thursday, October 01, 2009
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