Sunday, April 12, 2009

Times Running Out To File Your 2008 Return? Are You Prepared

Well if you have not done so already, your 2008 federal tax return is due by April 15. If you are unable to have it Time Date Stamped with the Internal Revenue Service by April 15, then you will need to file a Form 4868, which is an Extension To File form.

This form will prevent you from paying a failure to file penalty, but not a failure to pay penalty (if you owe). However, if you do not owe, you should not have a penalty either way because you do not owe tax. This is something to keep in mind as a taxpayer, but not make habitual in case you were to owe. It is always a good practice to go ahead and file on time to prevent yourself from any unwarranted penalties.

Secondly, if you owe for 2008 as well as other years, and you are entering in an installment agreement, keep in mind that this will default your current IA if you do not file your return on time and pay the tax owed. This is common among many accredited tax resolution firms that work diligently to get a favorable resolution for taxpayers, only to wind up in a defaulted status due to perpetual negligence.

If you have not taken care of your 2008 tax return, you still have time to find an acredible tax representative to help you ! Or if you are not prepared, then file the Extension To File form by April 15, and this will give you until October 15 to file.

It's better to be late than never !

1 comment:

footbolito17 said...

to add up, it would be best to consult a CPA or a Tax professional with regards to filing your tax returns..they know best...

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