8.5 Million Who Filed for Extensions Approach Aug. 15 Tax Deadline

[Nambe]

IRS

Most taxpayers already have filed their tax year 2002 federal income tax returns. But for more than 8.5 million taxpayers, the deadline is August 15 if they opted for the automatic extension of time to file by completing Form 4868 by April 15.

The Internal Revenue Service reminds taxpayers with extensions to file their returns by August 15 to avoid the late filing penalty, which is 5 percent per month of the unpaid tax. Help may be available, however, for people who cannot file by August 15. ---

The IRS expects to receive more than 3 million Forms 2688 during 2003.

Banish bush From Texas Too

[molly]

1. The shit is really going to hit the fan in August

[Melsky]

2. Thanks for the reminder

we filed this, and I really do have to work on organizing my business records.

Damn internet, why are you so addictive!

[section321]

3. That would be me. One of 8.5 million who said...

"Can I do this later?"

[Tracer]

4. Really. What's the point of the extension?

You still have to fork over the money in April.

[mhr]

5. Chances For An Audit

are much reduced by filing late since the IRS computers select returns for audit from those filed by April 15th.

[Neutrino]

6. but only on what you "estimate you owe", which is

almost always less than the actual amount due--hence the need
for time.