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[E399]Extension To File Form

by Richard Chapo, Ric

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.

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Article Source : How Much Tax Refund

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Both Richard Chapo & Simonray are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Richard Chapo has sinced written about articles on various topics from Finances, Tax Deductions and IRS Tax. . Richard Chapo's top article generates over 74000 views. to your Favourites.

Simonray has sinced written about articles on various topics from Bad Credit Loans, Cash Advance Loan and Payday Loans. Simon Ray is financial advisor of . Contact me for any. Simonray's top article generates over 9900 views. to your Favourites.