So last April, one of my friends had to file for a tax prolongation at the same time which I had to file my own. This is not what involved me: many habitancy need a tax prolongation so they may have a longer time to file their taxes. What involved me was when he asked me about how long the prolongation would last, needless to say I was nothing else but concerned. To make matters worse, it was just two weeks ago. All tax extensions that were done in April are due by October 15, 2009 for the 2008 tax year filings. I had to by comparison to him the how long a tax prolongation would last. After I arduously explained this (he is a first time tax payer mind you) I had to by comparison the terrible consequences that would occur if he chose not to pay his taxes after getting a tax extension. The Irs may be kind: but a tax prolongation does not last forever.
So how long does the tax prolongation last? The acknowledge is simple; anytime you need to file your taxes late, you file for a tax prolongation and submit it by most recent April 15. Regardless of when you file before that date, you will get a tax prolongation that will be due no later than October 15 of the same year. So you are guaranteed to have at least six months to put in order your tax material. This is something that is good about the Irs. If they see for some presuppose you can't afford to pay when taxes are due, they will allow you to get a tax prolongation and six months is quite ample time in most situations. So in this case the Irs is being rather fair on it's policy of payment.
Irs Tax Form 1040
If however, you do not pay the taxes after you received permission from the Irs to have a longer time to pay your taxes there will be terrible consequences. The Irs will first punish you with a fine; so now not only will you have to pay the taxes but extra on top of that. This will also hurt your prestige in the hereafter because it will hurt your credit. This is probably much worse because associates will see you filed your tax prolongation and did not pay; they will see you as irresponsible and as a ensue may not give you a loan or position in the hereafter because of it. It will be a painful outlook in the hereafter in other words.
So you can see why I was seriously involved when my friend asked how long tax extensions last. Knowing about filing tax extensions and when they are due is very important. I am fortunate sufficient to not have waited so long to file my tax extensions and as a ensue I still have good credit. My friend now is in a hurry hoping he can complete everything on time so that way he can get a refund instead of getting into trouble. Remember everyone, if you are paying your taxes for 2008, October 15, 2009 is right around the corner, and now is the time to put in order if you have not already.
How Long Does a Tax prolongation Last? - primary facts
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