Tax day in the U.S. has arrived
So, you’re sitting there trying to decide how to finish your tax return without all the information you’re missing or not sure of, right?
Well, take a breath – and get an extension.
Your tax software service can probably do it online. If not – use Form 4868.
If you have a partnership or LLC filing as a partnership, or an estate (Form 1041) or trust (Form 1041), use IRS Form 7004.
The extensions are automatically accepted – no approval needed. Good for 6 months.
BUT, if you owe money, you need to pay. Drop by TaxWatch article at MarketWatch.com (it’s written by me) for tips on how to pay – especially if you don’t have money right now. In fact, read it BEFORE you finalize your tax return. You’re going to find one last way to cut last year’s taxes. But only if you put your tax return on extension.
Oh, let me dispell a rumor I just heard about extensions and the Stimulus Rebates. Some fool is spreading the rumor that you won’t get your rebate if you put your return on extension. That’s utter nonsense. You’ll get it. Perhaps a bit later. But it will come.
Happy Tax Day!
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6:15 pm
Good information here. I used to always file an extension because I was never ready in time and my accountant didn’t do her bit to help me get ready. So, I stayed paranoid and stressed for ANOTHER 6 months and ouch, did that hurt. Solution. I found another accountant that has kept me on my toes and made certain that everything is in good order and ready to go by 4/15. Writing that check to the IRS may hurt but at least the agony didn’t have to be prolonged for another 6 mos.