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Tax Filing 101: It's Never Too Early To Procrastinate
For all you procrastinators out there, here's a nuts 'n
bolts guide on how to legally postpone the filing of your
Year 2002 income tax returns.
When it comes to putting things off, you can never plan too
far ahead!
In many cases the IRS allows you to file a 'no-questions-
asked' extension form. Which particular form you file
depends on what type of entity your business happens to be.
CORPORATIONS:
Whether you are a "C" Corporation or an "S" Corporation, you
must file Form 7004 by March 15. Doing so grants you an
automatic 6-month extension for filing Form 1120 ("C" Corp)
or Form 1120S ("S" Corp). So now you have until September 15
to file your corporate income tax return.
Note: Since March 15 falls on a Saturday this year, you
actually have until Monday, March 17 to either file the
corporate income tax return or file the extension.
By the way, this is true of any tax due date: if the due
date falls on a weekend or legal holiday, then the return is
due on the next business day.
To get a copy of Form 7004, click here:
http://www.irs.gov/pub/irs-pdf/f7004.pdf
http://www.irs.gov/pub/irs-fill/f7004.pdf
Note: all the links in this article take you to the IRS
forms website. If "irs-pdf" is in the link, then you will
be taken to a pdf file that can be saved to your hard
drive or printed out; then you can complete the form by hand
and mail it to the IRS.
If "irs-fill" is in the link, you will be taken to a pdf
file with fill-in-the-blank capabilities, enabling you
to complete the form online and then print it out
immediately, without having to complete the form by hand.
PARTNERSHIPS:
You need to file Form 8736 by April 15. This obtains
a 3-month extension to file Form 1065.
http://www.irs.gov/pub/irs-pdf/f8736.pdf
http://www.irs.gov/pub/irs-fill/f8736.pdf
LIMITED LIABILITY COMPANIES (LLC):
Same as partnerships -- File 8736 by April 15 to get
a 3-month extension to file Form 1065.
(The LLC is a cross between a corporation and a partnership.
Legally, the LLC is similar to a corporation, offering
limited liability to the owners. For tax purposes, the LLC
is treated like a partnership.)
SOLE PROPRIETORSHIP:
You need to file Form 4868 to get an automatic 4-month
extension to file your personal income tax return.
http://www.irs.gov/pub/irs-pdf/f4868.pdf
http://www.irs.gov/pub/irs-fill/f4868.pdf
Now, before you start extending to your heart's content,
please keep the following guidelines in mind.
EXTENSION TIP #1:
Never forget the mantra of all tax extension forms:
The extension to file the return is NOT an extension to
pay any tax due. It's only an extension for the filing of
your tax return.
In other words, do not view the extension as an opportunity
to legally postpone the payment of your tax.
So if you have a balance due on the return, then
you must still pay the tax by the original tax return due
date. If you file the extension but do not pay the balance
due on time, then you will pay penalty and interest for
late
payment of tax. (You will legally avoid the penalty for
late filing, however.)
So what's the point in filing an extension if you still have
to pay the tax?
Three possible scenarios -- first, some folks get most of
their "tax stuff" organized and are able to get enough of
their return done to get the big picture: "Do I owe or am I
getting a refund." You do the calculations, see where you
stand, and if you owe, send in the extension form with a
payment that's pretty close to the final figures.
You may have a few deductions that you need to research, one
last shoebox to peruse. You need more time, that's all.
Second, you're running way behind on tax matters this year.
Hey, it happens! There's no way you're going to get the
return done on time, and you know you'll probably owe, so,
be sure to file the extension, even if you don't know how
much you may owe or even if you can't make a payment with
the extension. The reason? Because there are penalties for
late filing and penalties for late payment of tax. By filing
the extension, at least you avoid the late filing
penalties.
In short, by filing the extension, you can save yourself
some money!
The third scenario is even more common -- you know you're
getting a refund; you always get a refund. Maybe you're
self-employed and your spouse has a W2 job, and the spouse's
tax withholdings are always enough to cover both of you.
And you're in no hurry to get the refund.
Which brings me to:
EXTENSION TIP #2:
If you are getting a refund on your personal return, you
have 3 years to file the return to claim the refund, without
any fear of a late filing penalty.
That's right. As long as you file your return within 3 years
of the original due date (for Year 2002 returns due April
15, 2003 -- that would be April 15, 2006), you'll get your
refund and there is no penalty for "filing late" -- even if
you file after the extended due date of August 15.
Bottom line: if you think you may owe, if at all possible,
do enough calculating to send in a payment with the
extension; if you're getting a refund, still send in the
extension (just to be safe), but relax, you've got plenty of
time to get your money back (assuming you didn't need it
yesterday!).
Oh, one more thing:
EXTENSION TIP #3:
This article only deals with federal extension rules. State
rules vary considerably, so be sure to check with your
state's tax department or your local tax professional to get
the scoop on the extension rules for your particular state.
Some states simply piggyback off the federal rules. Others
don't. So be careful here or you could be penalized severely
for assuming that your state's rules are the same as the
feds.
Many Happy Returns!
About the Author
Wayne M. Davies is author of the new eBook, "The Tax
Reduction Toolkit: 29 Little-Known Legal Loopholes That Will
Reduce Your Taxes By Thousands (For Small Business Owners
and Self-Employed People Only!) Don't file another tax
return until you visit:
http://www.YouSaveOnTaxes.com/toolkit.html
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