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Posted on May 23, 2013

Extend your tax time and extend your deductions

Written by Avner Polatsek | @AvnerPolatsek

time clock

Our American friends living in the US are generally used to dreading April 15. Yes, this is the tax deadline in the US, but we are happy to inform you that if you are a US citizen living abroad (like in Canada, for example), you have extra time!

A Canadian resident filing US taxes has an automatic extension, pushing back their tax deadline to June 17. We can hear you let out a sigh of relief from here. It is important to mention that if you owe any taxes, you still need to pay by April 15.

If you’re not a US citizen living in Canada, you can still request a little more time to file. The process is surprisingly straightforward. All you need to do is fill out a Form 4868 and request an extension. You can even do it online. The automatic extension date moves to October 15 and you breathe that sigh of relief we mentioned earlier. As with the handy living abroad extension, this one still requires you to pay what you owe on April 15.

Now, instead of running around, gathering receipts and panicking to fill in those tax forms, you can get yourself truly organized.

One of the biggest reasons that people miss out on tax refunds is that they are rushed and don’t take advantage of all of their deductions. With a few extra months to hunt around the house and gather information, you’ll be well on your way to filing the best and most accurate tax return you possibly can.

If you do owe money and are concerned that you won’t be able to pay the full amount by April 15, you can take advantage of the Online Payment Agreement. Citizens owing $50,000 or less (this can include penalties and interest) can apply to pay their taxes in installments.

Tax deadline extensions and payment schedules? We are full of good news, today!

AP Tax Group is an accounting firm specializing in US and Canadian tax. We are located in Toronto, Ontario. Please contact us for information about our services or to schedule an appointment.