Late Tax Return Without Penalties

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Late Tax Return Without Penalties
Late Tax Return Without Penalties
sginccpa October 26, 2020

The deadline to file your tax return is almost here.

Important!!!
Tax Filing due date supposed to be April 15 except for Maine and Massachusetts residents, they get an additional two days until April 17 because of local holidays it typically moved to the next business day in these states.
Sooner or later consistently, Americans are feeling in a hurry to file returns before the official deadline each year. On the off chance that you haven’t filed your tax returns yet and still scrambling to figure out what forms you need to file and when these must be filed.

You might need to consider to get an extension because the IRS has no concern what’s the reason behind not filing or late filing. By Filing for an extension you’ll get six months more time. If you don’t file returns or extension on the time you have more chances to get penalties and interest.

Note: Filing an extension won’t give an extra time to the pay your taxes you owe, it only gives you more time to file your tax return to avoid penalties due to late filing. But you have to pay taxes by April 15, if you pay taxes after the due date it causes penalties and interest.
Here are some Important Tax Dates and Deadlines to keep in mind.

  1. Individual tax returns due

  • Deadline: April 15, 2020
  • Extended deadline: October 15, 2020
  • The form needs to file Extension: Form 4868

  1. Corporation/Business Income Tax returns due

  • Deadline: April 15, 2020
  • Form 7004 — For Automatic Extension

  1. C-corporation income tax return due

  • Deadline: April 15, 2020
  • Extended deadline: Oct 15, 2020
  • The form needs to file Extension: Form 1120

  1. Estates and Trusts tax returns are due

  • Deadline: April 15, 2020
  • Extended deadline: Sept 30, 2020
  • The form needs to file Extension: Form 1041

  1. Foreign bank account reports

  • Deadline: April 15, 2020
  • The extended deadline is Oct 15, 2020
  • The form needs to file Extension: Form 1040

  1. S-corporation returns due

  • Deadline: March 15, 2020
  • Extended deadline: Sept. 15, 2020
  • The form needs to file Extension: Form 1120-S

  1. Partnership returns due

  • Deadline: March 15, 2020
  • Extended deadline: Sept 16, 2020
  • The form needs to file Extension: Form 1065

Need Help?

If you have still ambiguity regarding Filing a tax return extension as it is a tricky process because IRS accepts only those requests who have a valid reason for the extension. SG Inc. CPA is a certified firm that can help you in all the process and give you better tips to get your application approved.

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