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Posted by Paul Thomas, CPA on April 24, 2006, 11:33 am
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> Filing an extension form makes sense when there is a balance
> due (along with paying an estimated due amount). However, if
> a person has refund due but is not able to file taxes by
> April 15th (April 17th this year), why does IRS require an
> extenison request?
>
> California allows automatic extension is no balance is due.
So does the IRS. You only lose the use of your overpayment
till the return gets filed and that overpayment is refunded.
You also have just a few short years to file the return for
a refund. After the third year, you can fiile all you like,
but any overpayment will not get refunded.
There are however, some credits that may not be valid on a
return that gets filed late (ie: without an extension).
Wherever you see the term "timely filed return (including
extensions)" probably means that a return without an
extension, filed May 1st, will get that credit, etc denied.
--
Paul Thomas, CPA
paulthomascpapc@bellsouth.net
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