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Getting A Second Extension to File 2004 TaxesMillions 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. Richard Chapo is CEO of Business Tax Recovery - Obtaining tax refunds for small businesses for overpaid taxes. Discovery tax strategies and deductions in our tax articles section.
BELIEF MANAGEMENT - THE MISSING INGREDIENT? "Joan, I'm working so hard and I'm not getting anything done!" I have heard some version of this cry of frustration by many an entrepreneur. It's a common complaint voiced by those of use who sought the freedom to have complete authority over our schedules, only to find ourselves unwittingly shackled by old ways of operating. It does not appear to matter that we are independent professionals or. . .
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