Monday, May 13 2013 12:24 PM EDT2013-05-13 16:24:04 GMT
MARION COUNTY, MS (WDAM) - A weekend-long drug raid left 22 individuals behind bars, and more arrests to come. According to Marion County Sheriff Berkley Hall, the drug raid is the result of severalMore >>
A weekend-long drug raid left 22 individuals behind bars, and more arrests to come.More >>
Wednesday, May 15 2013 10:08 AM EDT2013-05-15 14:08:44 GMT
ORLANDO (WFTV/CNN) – Hurricane season is almost here and the National Hurricane Center has released its annual list of storm names. The list alternates between boy and girl names. The list kicks off withMore >>
Hurricane season is almost here and the National Hurricane Center has released its annual list of storm names.More >>
Friday, May 17 2013 11:23 PM EDT2013-05-18 03:23:44 GMT
A Hattiesburg High School senior will soon be on his way to the U.S. Naval Academy in Annapolis, Maryland. Parker Krag has received an appointment to the academy. He got his acceptance packet Friday morning.More >>
A Hattiesburg High School senior will soon be on his way to the U.S. Naval Academy in Annapolis, Maryland.More >>
Friday, May 17 2013 4:04 PM EDT2013-05-17 20:04:23 GMT
Grant Matheny with Arinder Logging says, "Used to it was all cut down by saws and pulled up with cable skidders. It's changed a lot but its still easy to get hurt if you don't pay attention." No betterMore >>
No better start to Pinebelt Tough than its own namesake. Agriculture is the number one Mississippi industry and forestry brought in more than $1.3 billion to the state in 2012. Our story begins with the loggers.More >>
South Korea says North Korea has fired three short-range guided missiles into its eastern waters. Pyongyang routinely test-launches such missiles.More >>
North Korea fired three short-range guided missiles into its eastern waters on Saturday, a South Korean official said. It routinely tests such missiles, but the latest launches came during a period of tentative diplomacy...More >>
There are times that, no matter how hard you try, you just can't get your taxes filed on time. If that's the case, then you will need to file for an extension.More >>
Leaving tax prep to a last-minute cram session could disrupt your business in the spring. To avoid a crunch, you should prepare for tax deadlines well in advance.More >>
If your business needs cash to move forward, you may have to resort to some less-than-ideal financing options or face the possibility of having no business at all.More >>
Many small businesses dread it, but your end-of-year reconciliation doesn't need to hurt -- as long as you stay organized.More >>
Note: In 2012, federal income taxes will be due on April 17th.
There are times that, no matter how hard you try, you just can't get your taxes filed on time. You may need to go beyond the April 15 deadline to get your taxes in order. If that's the case, then you will need to file for an extension.
Below are five things you should know about extensions:
1) It is important to remember that an extension is an extension to file your taxes... not an extension to pay them. You still must pay your taxes by April 15. Otherwise, if you owe the IRS money, you may be liable for penalties and interest on the amount you owe.
2) You can qualify for a "no-questions-asked" 4-month extension to file your Form 1040 (your individual tax return). IRS Form 4868, "Application for Automatic Extension of Time To File U.S. Individual Income Tax Return", grants you an automatic extension of 4 months to file your return. You do not need any explanation, reason or excuse to qualify for this extension.
3) If you need even more time, you can receive an additional 4-month extension via IRS Form 2688 "Application for Additional Extension of Time to File U.S. Individual Income Tax Return". However, there's a hitch -- this application must be approved by the IRS, so you will need a valid reason. Many accountants and tax experts recommend something like "We require additional time because we are waiting for tax information that is needed to prepare our return properly."
4) If you file a corporate tax return, you can receive a single 6-month extension to file. You can apply using IRS Form 7004. If you receive an extension for your corporate return, you don't necessarily have to get one for your personal return as well. However, doing so may give you or your tax preparer additional flexibility and options.
5) An extension can provide you with extra time to shelter money in a retirement account. You can open and contribute to a SEP (Simplified Employee Pension) up until the day you file your return, including any extensions. Similarly, you can contribute to a Keogh account up until your extended filing date, although it must be set up before December 31.
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Need more time? You can try for a "no-questions-asked" 4-month extension. (©iStockphoto.com/Amanda Rhode)
