Titusville, FL CPA Firm | Blog Page | Boatman Bryant

Recent Posts:


  • Filing extensions for individuals

  • The Frivolous Side of Taxes

  • Tax breaks--extensions and additions for Individuals

  • Tax Relief for Small Businesses--passed December 17th, 2010

  • Small Business Owners and the Affordable Care Act (ACA)




  • Filing extensions for individuals

    Everyone is entitled to an extension on their taxes.  You must file for extension before April 15th, and then you have until October 15th to file your return.  This is usually a beneficial tool for people who may not have time to file (such as CPA's themselves who are focusing on their clients first) or for those people who are still waiting on relevant tax information.

     

    As with most things, here's the catch:

    • You still need to fill out a form (4868), so you'll need to have most of your information anyway
    • 90% of your owed taxes still have to be paid before April 15th, this means you will have to estimate (or overestimate) how much you will owe and cut a check to the government.
    • If you don't pay the required 90%, depending on the circumstances, you will be charged 5% interest each month it is late

    The good news is, if you overpay, the extra amount will carryover to the next year, or you will receive a refund check.

     

    When considering whether you want to file for an extension, consider how many documents you are waiting for.  If only one or two things are missing, you can file your return before April 15th and then file an amended return once the information comes in.

     

    Here at Boatman Bryant, we can help you make this decision, as well as take care of filing the extension for you.  Give us a call and get out of that box!

     

     

    Sources:

    http://www.irs.gov/formspubs/article/0,,id=98155,00.html

    http://www.unclefed.com/Tax-Help/extensions.html

    http://www.efile.com/tax-extension/irs-tax-extension/

     


    04/08/2011



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