April 15 is the due date for filing your 2003 tax return. That
date is fast approaching, so now is a good time to consider whether
you should extend the time to file your tax return.
April 15 is the due date for filing your 2003 tax return. That date is fast approaching, so now is a good time to consider whether you should extend the time to file your tax return.
If you won’t have all your tax information assembled in time to meet the filing deadline, getting an extension will give you an extra four months – or until August 16, 2004 – to file your return.
Over the years, the IRS has made requesting an extension easier. The extension is automatic; you simply have to file Form 4868 with the IRS by the April 15 filing deadline. Be aware, however, that an extension to file does not extend your time to pay. The IRS will still assess interest on any unpaid tax balance. In addition, unless you pay at least 90 percent of your estimated tax liability by April 15, you may be hit with a late-payment penalty.
If you are a U.S. citizen living abroad, you have until June 15, 2004, to file your 2003 return. This does not require the filing of an extension form. When you file your tax return, you must attach a statement showing that you qualified for the extension. Also, interest will be calculated on any balance due from the April 15 due date. This two-month extension does not apply to taxpayers who are just traveling outside the United States on April 15.
Military personnel serving in combat qualify for an extension for filing returns and paying tax for the period of combat service plus 180 days.
For additional information or filing assistance, contact our office.
Doug Herring is a CPA with the accounting and business consulting firm of Bianchi, Lorincz & Company located in downtown Hollister.
