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All about extension of 2007 US income tax return

When is your 2007 US income tax return due?

  • For US citizens or residents abroad who are qualified for 2-month automatic extension, the filing due date is June 16th, 2008.
  • For those who have already filed extension form 4868, the filing due date is Oct 15th, 2008

What should you do if you can not file 2007 tax return by June 16th?
File attached extension Form 4868 by June 16th, 2008 with the IRS:

  • Check Form 4868 box 8 ¡°out of country¡±
  • File extension without payment if you will not owe any taxes or you are not sure
  • Make payment with Form 4868 if any tax due you estimated and not paid yet
  • Interest will be assessed from April 16, and late payment penalty will be assessed from June 17, 2008 at 0.5% for each month, but not more than 25% of the tax due

What is the cost if you filed late without an extension?
If you owe any tax with the return, the major cost will be late filing penalty, generally about 5% of the tax due for each month, but not more than 25%. Additional charge of interest and late payment penalty is above.

How to file the extension?

  • File the extension Form 4868 by yourself according to the filing instructions attached and our tips above
  • Please contact us to file the form on your behalf by June 9, 2008.

Please log on to the IRS website: www.irs.gov for more information, or please contact us with any questions.

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