Monday, June 17 2013 10:36 AM EDT2013-06-17 14:36:40 GMT
FT MYERS, FL (WBBH/CNN) - Video footage showed a Florida teen swimming with a 30 foot whale shark. Chris Kreis spends most of his time working in the family business. "I started when I was 3-years-old,"More >>
A Florida teen was caught on camera swimming with a 30 foot whale shark.More >>
Monday, June 17 2013 8:01 PM EDT2013-06-18 00:01:02 GMT
New details are emerging on the suspect and device found at Marion General Hospital Thursday. Columbia Police, Marion County investigators, ATF, MBI, and the highway patrol responded to a possible explosiveMore >>
New details are emerging on the suspect and device found at Marion General Hospital Thursday. Columbia Police, Marion County investigators, ATF, MBI, and the highway patrol responded to a possible explosiveMore >>
Monday, June 17 2013 11:24 AM EDT2013-06-17 15:24:53 GMT
Mississippi sheriffs can ban people from openly carrying guns into courthouses, according to state Attorney General, Jim Hood. Hood released a document in anticipation of the law that starts July 1 withMore >>
Mississippi sheriffs can ban people from openly carrying guns into courthouses, according to state Attorney General Jim Hood.More >>
Monday, June 17 2013 7:57 PM EDT2013-06-17 23:57:00 GMT
A Gulfport man's front yard turned into a movie set Monday, as a film crew for "Category 5" took over.More >>
Fred Bradley, 77, never imagined his home of nearly 50 years would end up being the set of a movie much less having actor Burt Reynolds play in a scene at his house.More >>
Parents desperate to get their troubled sleepers to bed are turning to synthetic melatonin, which is a supplement sold over the counter. But expert warn it could have adverse effects on child development.More >>
Many adults turn to sleep aids like melatonin, but now more parents are giving them to their kids, too. We talked to physicians to see what they had to say about how it could affect your child's development. 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)
