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Getting A Second Extension To File 2004 Taxes
By: Richard Chapo
Millions of people file tax return extensions every year. The tax filing
deadlines can rush up on your quickly. Fortunately, filing an extension isn’t
particularly difficult. For individuals, there are two available extensions.
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.
About the Author:
Richard Chapo is CEO of http://www.businesstaxrecovery.com - Obtaining tax
refunds for small businesses by finding overlooked tax deductions and credits
through a free tax return review. Read additional tax articles at http://www.businesstaxrecovery.com/articles
for more information.
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