What is a “tax extension”? You ask the IRS for extra 6 months to complete your tax return.

Does this mean I can wait 6 months to pay the IRS? NO!!! You get extra time for paperwork only - NOT for payment.

Should I do an extension if I expect a refund? Yes. You are required to do so by law.

Should I do an extension if I expect to owe money to the IRS? Yes. And you should make a payment with the extension.

What if I have no money to pay the IRS? File an extension ANYWAY! This will dramatically reduce your future penalties.

When is the deadline to file an IRS extension? THIS TUESDAY Monday 15th - postmarked or sent electronically. If you want peace of mind, use certified mail.
Where can I find the form? Download Form 4868 from Internal Revenue Service - or contact a local tax professional.

What about my DBA business? It is part of your personal tax return. No extra forms needed.

What about my LLC business? LLC owned by you or by you and your spouse do not need a separate tax extension. If your LLC is owned by more than 1 person (except husband-wife which is 1 person) then it is taxed as a partnership, and it does need a business extension. Use IRS Form 7004:

http://www.michaelplaks.com/IRS_form..._form_7004.pdf Make sure to use Code “09″ on the form.

Is there any danger or disadvantage? None. Only benefits.
What documents or receipts do I have to send to the IRS? None. Only the one-page extension form.

Will I still be eligible for the Bush “stimulus rebate”? Yes, but you will have to wait until the actual return is finished and submitted.

Do I have to pay for the extension? The extension request is free, but most tax professionals will charge to prepare it for you. However - if you expect to owe money to the IRS - it’s best to make payment WITH the extension.

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