Tag Archive for Extension

How Long Are You On The Hook For A Tax Assessment?

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A frequent question from taxpayers is:

How long does the IRS have to question and assess additional tax on my tax returns?

For most taxpayers who reported all their income, the IRS has three years from the date of filing the returns to examine them. This period is termed the statute of limitations. But wait – as in all things taxes, it is not that clean cut. Here are some complications:

You file before the April due date – If you file before the April due date, the three-year statute of limitations still begins on the April due date. So filing early does not start an earlier running of the statute of limitations. For example, whether you filed your 2014 return on February 15, 2015 or April 15, 2015, the statute did not start running until April 15, 2015. Read more

Application For Automatic Extension of Time To File U.S. Individual Income Tax Return – IRS Form 4868

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Everyone starts getting a little freaked out this time of year because of personal income tax reporting and paying obligations due on April 15th. I have found through the years that this kind of pressure causes people in all walks of life to make poor judgments and less than fully informed decisions just to hit a deadline.

The point of this post is to inform you that it is okay to file an application for a six month automatic extension of time to file your United States individual income tax return and NOT TO WORRY IF YOU ARE BEHIND THE CURVE THIS YEAR. There are many reasons why you may need an extension of time to file your taxes that are all fully legitimate including:

1. life changing events, Read more