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As an S-corporation, your business must also file quarterly and annual tax returns. If your tax liability on built-in gains, excess net passive income tax or investment credit recapture tax is ...
From there, you can electronically request an extension that automatically extends your filing date until Oct. 16. If you’re using tax software from TurboTax, e-File or H&R Block , you can also ...
The annual deadline to file one's Federal individual income tax return is April 15. The IRS lists scenarios for which Tax Day does not follow this standard deadline - Taxpayers can file an extension where the taxes owed must be paid by April 15 but the completed tax return filed by October 15. [9]
How to file for an extension? To file for an extension, you have to submit Form 4868 either electronically or as a paper form. You have to estimate your 2020 tax liability and pay the amount due.
Considering whether to file an extension for the 2010 tax year with Form 4868. An automatic extension until October 15 to file Form 1040 can be obtained by filing Form 4868. There is a penalty for not filing a tax return by April 15 that depends on whether the individual got a filing extension and the amount of unpaid taxes.
The office of the National Taxpayer Advocate has reported that of 76,715,982 U.S. individual income tax returns (Forms 1040, 1040A and 1040EZ) prepared by paid return preparers that were filed for the tax year 2017, a total of 39,252,790 returns were prepared by unenrolled preparers.
For whatever reason, if you haven't completed your tax return by filing day, it's a much better option to take the free, automatic extension rather than rushing your taxes to completion.
Generally, a tax return does not need to be filed if income is less than a certain amount, but other factors such as the type of income, age, and filing status also play a role. Occasionally, there may be situations where the tax return need not be filed, but is filed anyway to receive a tax refund. [4]
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