Читать книгу Taxation of Canadians in America - David Levine - Страница 11

The normal due date for filing individual income tax returns (Form 1040) is April 15 of the year following the tax year. If this date falls on a weekend, the due date is the Monday following the weekend. You can get an automatic six-month extension of time to file your return by filing Application for Automatic Extension of Time to File US Individual Income Tax Return (Form 4868) by the due date, typically April 15. By filing this form in a timely fashion, your time to file will be extended to October 15.

An extension provides only an extension of time to file, not pay your taxes. You must calculate and pay any taxes due by April 15 (or the adjusted date) to avoid penalties. If you are required to make estimated (installment) tax payments, you must make those payments even though your return is on extension.

Not all forms that you may need to file have the same due date. Those forms will in turn have their own forms to complete for an extension for that form, and that form only. Not only do some forms have different due dates, some forms do not allow for an extension of time to file. For example, the Annual Information Return of Foreign Trust with a US Owner (Form 3520-A) for reporting foreign trusts is due on March 15; and Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns (Form 7004) is required for the six-month extension, which means that the ultimate filing deadline is September 15, not October 15 like most of the rest of your return. Also, Report of Foreign Bank and Financial Accounts (Form TD F 90-22.1) is due June 30 and cannot be extended.

Filing an extension does not increase your chance of being audited. If fact, if you cannot get your tax information to the accountant early in the season, you may want the accountant to file an extension so that the accountant can prepare the return after April 15 when there is less pressure and he or she hasn’t been working 12- to 16-hour days for the previous two months!