Haven't tackled your 1996 federal income taxes yet? Feeling the pinch as the deadlines near?
If you simply can't get those returns filed on time, then save yourself some worry by filing an extension. An extension gives you up to an additional four months to complete your record keeping or reconstruction efforts. No explanations required. Individuals and partnerships can even get second extensions. But all extensions combined never exceed six months.
Although filing an extension gives you extra time to file your return, it does not give you additional time to pay the taxes you owe. Make a reasonable estimate of what you expect to owe and pay it when you file the extension. Even if you can't pay the estimated taxes, file an extension anyway. It will save you substantial non-filing penalties.
If you still have questions about filing extensions or other tax issues, contact the NASE's TaxTalk experts at the NASE Web site, www.nase.org.
| Extension due dates and form numbers | Initial Due Date | IRS Form | 1st Extension Ends | Due Date For Second Extension |
IRS Form | 2nd Extension Ends |
| INDIVIDUAL | 4/15/97 | 4868 | 8/15/97 | 8/15/97 | 2688 | 10/15/97 |
| PARTNERSHIP/ TRUST |
4/15/97 | 8736 | 7/15/97 | 7/15/97 | 8800 | 10/15/97 |
| CORPORATION | 3/15/97 | 7004 | 9/15/97 | no second extension | none | none |
Eva Rosenberg, MBA, is an Enrolled Agent in Encino, Calif. She is a
sought-after speaker on tax and small-business issues. Her practice
focuses on small business, non-filers and problem tax audits. Please
e-mail questions for this column to giftsurf@mywishlist.com or mail
them to TaxTips, Self-Employed America, 2121 Precinct Line Rd.,
Hurst, Texas 76054. Sorry, no personal replies.
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