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For all you procrastinators out there, here's a nuts 'nbolts guide on how to legally postpone the filing of yourYear 2002 income tax returns.When it comes to putting things off, you can never plan toofar ahead!In many cases the IRS allows you to file a 'no-questions-asked' extension form. Which particular form you filedepends on what type of entity your business happens to be.CORPORATIONS:Whether you are a "C" Corporation or an "S" Corporation, youmust file Form 7004 by March 15. Doing so grants you anautomatic 6-month extension for filing Form 1120 ("C" Corp)or Form 1120S ("S" Corp). So now you have until September 15to file your corporate income tax return.Note: Since March 15 falls on a Saturday this year, youactually have until Monday, March 17 to either file thecorporate income tax return or file the extension.By the way, this is true of any tax due date: if the duedate falls on a weekend or legal holiday, then the return isdue on the next business day.To get a copy of Form 7004, click here:http://www.irs.gov/pub/irs-pdf/f7004.pdfhttp://www.irs.gov/pub/irs-fill/f7004.pdfNote: all the links in this article take you to the IRSforms website. If "irs-pdf" is in the link, then you willbe taken to a pdf file that can be saved to your harddrive or printed out; then you can complete the form by handand mail it to the IRS.If "irs-fill" is in the link, you will be taken to a pdffile with fill-in-the-blank capabilities, enabling you to complete the form online and then print it outimmediately, without having to complete the form by hand.PARTNERSHIPS:You need to file Form 8736 by April 15. This obtainsa 3-month extension to file Form 1065.http://www.irs.gov/pub/irs-pdf/f8736.pdfhttp://www.irs.gov/pub/irs-fill/f8736.pdfLIMITED LIABILITY COMPANIES (LLC):Same as partnerships -- File 8736 by April 15 to geta 3-month extension to file Form 1065.(The LLC is a cross between a corporation and a partnership.Legally, the LLC is similar to a corporation, offeringlimited liability to the owners. For tax purposes, the LLCis treated like a partnership.)SOLE PROPRIETORSHIP:You need to file Form 4868 to get an automatic 4-monthextension to file your personal income tax return.http://www.irs.gov/pub/irs-pdf/f4868.pdfhttp://www.irs.gov/pub/irs-fill/f4868.pdfNow, before you start extending to your heart's content,please keep the following guidelines in mind.EXTENSION TIP #1:Never forget the mantra of all tax extension forms:The extension to file the return is NOT an extension topay any tax due. It's only an extension for the filing ofyour tax return.In other words, do not view the extension as an opportunityto legally postpone the payment of your tax. So if you have a balance due on the return, thenyou must still pay the tax by the original tax return duedate. If you file the extension but do not pay the balancedue on time, then you will pay penalty and interest for latepayment of tax. (You will legally avoid the penalty forlate filing, however.)So what's the point in filing an extension if you still haveto pay the tax?Three possible scenarios -- first, some folks get most oftheir "tax stuff" organized and are able to get enough oftheir return done to get the big picture: "Do I owe or am Igetting a refund." You do the calculations, see where youstand, and if you owe, send in the extension form with apayment that's pretty close to the final figures.You may have a few deductions that you need to research, onelast shoebox to peruse. You need more time, that's all.Second, you're running way behind on tax matters this year.Hey, it happens! There's no way you're going to get thereturn done on time, and you know you'll probably owe, so,be sure to file the extension, even if you don't know howmuch you may owe or even if you can't make a payment withthe extension. The reason? Because there are penalties forlate filing and penalties for late payment of tax. By filingthe extension, at least you avoid the late filingpenalties.In short, by filing the extension, you can save yourselfsome money!The third scenario is even more common -- you know you'regetting a refund; you always get a refund. Maybe you'reself-employed and your spouse has a W2 job, and the spouse'stax withholdings are always enough to cover both of you. And you're in no hurry to get the refund.Which brings me to:EXTENSION TIP #2:If you are getting a refund on your personal return, youhave 3 years to file the return to claim the refund, withoutany fear of a late filing penalty.That's right. As long as you file your return within 3 yearsof the original due date (for Year 2002 returns due April15, 2003 -- that would be April 15, 2006), you'll get yourrefund and there is no penalty for "filing late" -- even ifyou file after the extended due date of August 15. Bottom line: if you think you may owe, if at all possible,do enough calculating to send in a payment with theextension; if you're getting a refund, still send in theextension (just to be safe), but relax, you've got plenty oftime to get your money back (assuming you didn't need ityesterday!).Oh, one more thing:EXTENSION TIP #3:This article only deals with federal extension rules. Staterules vary considerably, so be sure to check with yourstate's tax department or your local tax professional to getthe scoop on the extension rules for your particular state.Some states simply piggyback off the federal rules. Othersdon't. So be careful here or you could be penalized severelyfor assuming that your state's rules are the same as thefeds.Many Happy Returns! Article Tags: File Form