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Wilmington NC CPA discusses Income Tax Extensions: IRS Form 4868 and NC D-410

CPA Wilmington NC discusses IRS Form 4868 and NC D-410

Gary Bode, CPA: tax extensions have ramifications. If you need a free initial consult with a CPA firm, please call us at 399-2705.

Filing IRS Form 4868 and NC D-410 gives you an automatic, additional six months to file your actual tax returns.  No reason has to be provided to either NC DOR or the IRS.  No fees, per se, are required.

Why Extend?

Many taxpayers routinely extend filing their tax returns, just on principal.  Some think it decreases chances of a tax audit.  But even for well organized taxpayers, the April 15th deadline is often unrealistic.  For example, Schedule K-1s, from Corporations, Partnerships and Estates aren’t always ready by April 15th, forcing taxpayers to extend.  But of course, some folks just aren’t motivated to file on time.  Like many taxation issues, there are things to consider before extending.

 Potential Problems with Forms 4868 and NC D-410

“Extending the filing date of your tax returns doesn’t mean an extension of time to pay the taxes due, if any.  There can be under payment penalties.  Extending just eliminates the Failure to File penalties, which for the IRS can be up to 25% of the taxes due.  IF you actually file your tax returns within the additional six months.  ”
Gary Bode, CPA, Wilmington NC tax accountant

This means you have to estimate how much you will owe before extending, and send those amounts along with the extensions.  The trick is how to estimate what you owe without completing your return.  There are penalties for under payment, but many folks don’t worry about them. 

Another Reason to Extend

I don’t recommend waiting to pay, whenever possible at least.  While not often discussed, under payment penalties can be viewed as interest on short term capital, if absolutely required.

Should you Extend if you expect a Refund? 

CPAs usually say yes for a variety of reasons. 

There are automatic two month IRS extensions without filing Form 4868 if you’re out of the country on the filing date.  And then you can file Form 4868 within those two months for the additional four if needed.

We’re a Wilmington NC CPA firm, but serve a wider geographical base.  We offer tax preparation services for all business entities, Estates, Trusts and individuals.  Please read any of our tax posts to gauge our expertise and proactive attitude.  If you’d like a free initial consult with a tax accountant, please give us a call at (910) 399-2705.

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