Tax Extensions For Filing Your Taxes Later

In 2005 taxpayers who requested the automatic four-month extension to file their 2004 tax return face an Aug. 15 deadline,

That�s form number 4868

Anyone who could not make this deadline could ask for an additional two-month extension to file their tax returns.

This is done with special circumstances or hardships and you needed to file Form 2688, to get the extra 2 month extension.

The reason this is important is if you are running a business and you would rather not get audited.

If you just have a W2 then it probably does not make any difference to you if the IRS audits you or not.

But when you run your own business if you have much on your tax return, then it can takes weeks of your time and many many hours of your accounts time. (hopefully he is not billing you too much per hour.)

One way to cut down on the odds of getting audited is to file your taxes later.

The IRS starts selecting returns to be audited in January, then they continue to do so throughout the year, if you don�t file your taxes until October then there are 10 months when they can�t select your return to audit.

So this year I go looking for form 2688 and I can�t find it.

www.irs.gov/formspubs/index.html

After several hours I realize that for the 2006 tax year the automatic extension is no longer 4 months but it is now 6 months.

So they have done away with form 2688 and just automatically given you the extra 2 months when you turn in your original extension request (4868).

This looks like it saves from filling out and filing 2 forms, which is always a good thing.