025 6 Things to Consider when Filing a Form 1040 Extension
Federal Tax Update:
Another Trillion Dollar Tax Proposal
Defense of Marriage Act Estate Supreme Court Case
International Tax Update:
Cyprus Banking Crisis
France proposes another 75% tax on high income wage earners
Russia said it won’t cover losses in Cyprus
In Depth Discussion:
6 things to consider when preparing your extension
Since we are down to less than two weeks to April 15th, now is the time to consider a tax extension, here are six items to consider when preparing your extension.
- An extension to file is not an extension to pay.
- Determine why you need to file an extension.
- Calculate your tax liability, determine you prior year tax liability. Do you need to make an estimated tax payment with your tax extension?
- Prepare the tax extension voucher and write a check for the payment if you owe.
- Extensions are due on or before April 15th. Do not wait until the last minute to file your extension.
- Send the extension certified mail.
Are you filing an extension this year? Do you always file an extension?
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