Announcement

Extension - Extra Time to File Your Tax Return

The first thing to know about an extension is that it is an extension of time to file your tax return and NOT an extension of time to pay any tax that is due. There is no free extension of time to pay the tax due (otherwise we'd all do it!).

This means that when we file an extension for you, we must still use best information provided by you to estimate your tax due, so you can pay any 2011 tax due with the extension Form 4868 which is due no later than April 16, 2012 (the 15th falls on a Sunday). This generally means more or less preparing your tax return twice, once with the estimated information and again with final information, which means more time and a higher preparation fee. Therefore best to avoid extensions if possible.

The IRS will grant a six month extension to October 15, 2012 for personal tax returns without needing any specific reason. Extensions of time to file are useful in situations where you know most of your information, but haven't received all your documents in time to file a complete and accurate tax return. For example, you may be waiting on a slow K-1 or corrected investment income Form 1099. Better to file an extension rather than file an incorrect tax return which would need to be amended later.

If you think you might need an extension for any reason, please let us know prior to March 15, 2012.