Tax returns for individuals, partnerships, estates, and trusts have to be filed before the fifteenth day of the fourth month after the closing of the tax year (April 15). If filed as a corporation returns are due on or before the fifteenth day of the third month after the close of the corporation’s tax year (March 15). If the legal due date falls on a holiday or weekend, then the due date is the next weekday. All taxpayers can file for an extension if needed for the filing of their tax return. A person that files for an extension is granted a four-month extension of the time to file their tax return. Note that filing an extension does not extend the time for paying the tax. When applying for automatic extensions you must include payment of any tax owed based on the taxpayer’s estimates that apply to his or her final tax liability. If you overpay on your income taxes you loan money to the federal government in regards to access withholding or quarterly estimated installment payments. The government is not liable or required to pay interest on any tax overpayment refunded within 45 days after the due date of the return. Interest is only paid if the IRS fails to mail a refund within the 45-day grace period. Reference: Shirley Dennis-Escoffier. Karen A. Fortin. Taxation for Decision Makers. 2006. Chapter 2. Pg 55
Be the first to rate this post
- Currently 0/5 Stars.
- 1
- 2
- 3
- 4
- 5
