Posted on: 25-02-05 17:06:32
If your income for the year is less than 20,000 dollars, are you exempted from paying tax(any other relief in such scenario!)? or it still falls under tax bracket !
Can i somehow file taxes beyond the 05 deadline for 2004 yr, if yes then: by how many months the deadline gets extended and what needs to be done to extend the deadline?
Quote:
Orginally posted by tguy
If your income for the year is less than 20,000 dollars, are you exempted from paying tax(any other relief in such scenario!)? or it still falls under tax bracket !
No you are not - the limit for 2004 I think is $8012
Quote:
Orginally posted by tguy
Can i somehow file taxes beyond the 05 deadline for 2004 yr, if yes then: by how many months the deadline gets extended and what needs to be done to extend the deadline?
You can't extend the deadline - but yes pay the tax before that and file the return at your leisure! If you have paid taxes before deadline, there are no penalties if on your assessment later, you find that you do not owe anything to uncle sam.
However, you cannot indefinitely not file your return - sooner or later they will ask you to, and still if you do not, they will assess you arbitarily and ask you to pay that tax.
Chandresh
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Chandresh
Advice is free – lessons I charge for!!
Quote:
Orginally posted by tguy
If your income for the year is less than 20,000 dollars, are you exempted from paying tax(any other relief in such scenario!)? or it still falls under tax bracket !
Can i somehow file taxes beyond the 05 deadline for 2004 yr, if yes then: by how many months the deadline gets extended and what needs to be done to extend the deadline?
Even though Chandresh ji has given you all the answers, however, if you are in Toronto, you can contact me and I would tell you if there are other deductions available to you. And if your family income is under $25 K, I would do your tax return for free.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
