If You Filed an Extension for Your Taxes – Time's Almost Up

By: Richard Chapo
Submitted: 2007-01-17 16:17:15
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During a beautiful summer day, it is easy to forget some of the things you have to take care of. If you filed an extension on your taxes earlier this year, the deadline is approaching.

Highly disciplined Americans are known for always being organized and getting their taxes filed on time. They plan ahead for their taxes and then meet with their tax professional to get the returns prepared. A few weeks prior to the first deadline, the file their taxes and prepare for next year. Yeah, right. While this is true for many people, there are a number of us that file extensions.

When filing an extension, we all swear on our mother’s grave that we will get on top of the situation well before the extension period runs out. Well, did you? If not, the clock is ticking and it is late in the fourth quarter of the football game.

For corporate filings, the tax extension period is coming very fast indeed. If you were supposed to have filed on March 15th, you had the right to file for an automatic 6 month extension. This means September 15th is now the magical filing date for your returns. Since corporate returns tend to be complex, now is the time to get working on them.

Of course, most people file extensions for their personal tax returns. In a change from previous years, you are now given an automatic 6 month extension. The previous relief was only 3 months. Regardless, this now means that you need to have your tax returns filed by October 15th. While that may seem a long way off, you still need to get hopping on the process. Getting a second extension is much more difficult these days.

As with the original filing dates, you can e-file your tax returns. This tends to make life a bit simpler, but keep in mind you need to keep copies of the returns. You should also get verification that the returns were actually sent to the IRS.

Human nature being what it is, you will probably read this and yawn. If you do, you run the risk of being in panic mode in a month or two when the filing date looms large. Don’t say you weren’t warned!

Richard A. Chapo is with Business Tax Recovery - providing information on taxes.

Article source: Expert Articles

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