EDUCATION CENTER
GTT RESOURCES: EXTENSIONS: 1ST EXTENSIONS
First read about extensions on our main extension
page. Click
here.
To
learn more about an automatic extension for filing individual income tax
returns,
To get blank
forms and instructions on filing automatic extensions,
Don't
forget about filing your Mark-to-Market Election with your extension,
Click here to learn more about IRS penalties and interest.
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Ready for a consultation with a GTT CPA |
Automatic extension for filing
individual income tax returns
Individuals
are allowed an automatic six-month extension to file their income tax
returns – i.e., from April 15 to Oct. 15. The application is made
on Form 4868 (Application for Automatic Extension of Time to File U.S.
Individual Income Tax Return).
Topic 304 - Extensions of Time to File Your Tax Return.
Click
here for this page on the IRS site.
Topic 301 - When, Where, and How to File. Click
here for this page on the IRS site.
Blank Forms & Instructions
for the 1st Automatic Extensions
Go to www.irs.gov
and search Form 4868 (Application for Automatic Extension of Time to File
U.S. Individual Income Tax Return). Calendar year corporate extensions
are due March 15.
Click on these
State
Links and go to your home state.
Don't forget about filing your
current year Mark-to-Market Election with your Extension
Qualifying
traders who want to elect mark-to-market
accounting treatment for the current tax year need to do so by April 15th.
You can attach the election to your federal extension filing, providing
the extension is filed on time. See our book
for all the information you need and the election statement to use.
If you are
a Preparation client, we
take care of all this for you (extensions and MTM elections). By default,
we are planning to attach the MTM Election to the extensions of all of
our trader clients who do not have MTM for the current tax year. We will
consult with you before April 15 about the merits of MTM.
