of the most overlooked privileges in our tax system
is the “statutory” right to file for an
automatic extension to April 15th deadline to August
1. An extension to file does NOT extend
the payment due date on any
owed – balance owed is due by the 15th of April.
extension must be prepared based on “product”
facts or estimates.
description needs to be provided or explained, it is simply
do not extend the time to pay your IRA contributions –
contributions must be paid by April 15th. However
SEP and profit sharing dates are extended.
you still need additional time before the first extension
expires on August 15th you may request second
extension, but you must provide the reasons, which
caused you to request the second extension (could be extended
up to October 15th).
stated, extensions are your first line of defense against
the so-called “grey areas.”