Where Form 1120 C Refund 2023-2024

Music hi wonderful. This is Susan protecting taxpayers, how? By empowering and illuminating you with easy-to-understand tax information. Today, I want to talk about extensions. You file for an extension with form 4868 for individuals and form 7004 for businesses to get a six-month extension to file your tax documents. I'm sure this does not exist for tax due payments, it only exists for text documents. So, if you file your extension for individuals, you will have until October 15th, and for businesses, you will have until September 15th. Generally speaking, those dates may change, but generally speaking, it's October 15th and September 15th. There are two types of penalties. One is for not filing the tax return on time, and the second one is for not paying the tax due. For both, the penalty is five percent of the tax due. But there's an extra penalty if the tax return is sent after 60 days of the due date or extended due date. It is $135 or one hundred percent of the tax due. None of these penalties apply if the person is going to receive a refund. If you are supposed to receive a refund, you have three years to obtain your refund. After that, there is no way to obtain it. So, for example, if you're supposed to get a refund and you file for 2013, you had until April 18th, 2017, to obtain that refund. After that day, you lose that refund. I hope this was helpful. Thank you so much. If you like this video, please subscribe, share with your family and friends. I will embrace your inspiring comments, and if you have questions, send them. I'll be more than happy to assist. Until next time, remind your heart to smile and fight for your dreams with honor...