If you have not filed your return to date you may want to consider an extension. April 17th is the filing deadline. Note an extension does not give you an extension to pay. I advise clients to file their returns "as is" even if they cannot pay the amount due. That avoids other potential penalties. For instance, your extension can be denied if you did not make an reasonable estimate of your tax liability, which could mean an additional late filing penalty which is much worse than a just simple late payment penalty.
If you need an extension form go to irs.gov and download form 4868.
The states of Ohio, Kentucky and Indiana recognize the federal extension but most cities do not.
Most cities will accept a letter requesting an extension but some do not. Check the link to the side to locate your city and review your options on filing city extensions.
Filing an extension does not increase or decrease your audit exposure and as I tell clients "I'd rather have it right than fast".
If you have any questions about your individual issues email me at gtvcpa@yahoo.com.
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