Need more time to file?

Posted by on Apr 15, 2009 in Form 1040 Information, News Flash, Tax Preparation | 2 comments

Today is the day, or the last day I should say.

If you can’t meet the April filing deadline to file your tax return, you can get an automatic six month extension of time to file from the IRS.

Some things you need to know about filing for an extension:

  1. An extension will give you extra time to get your paperwork to the IRS, but it does not extend the time you have to pay any tax due. You will owe interest on any amount not paid by todays April 15th midnight deadline, plus a late payment penalty if you have not paid at least 90% of your total tax.
  2. If your return is completed but you are unable to pay the full amount of tax due, do not request an extension. File your return on time and pay as much as you can. The IRS will send you a bill or notice for the balance due.  To apply online for a payment agreement, go to IRS.gov and use the pull-down menu under “I need to …” and select “Set Up a Payment Plan.”
  3. Request an extension to file by submitting Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, with the IRS by the April 15, 2009, or make an extension-related electronic credit card payment.  (For more information about extension-related credit card payments, see Form 4868.)
  4. You can e-file an extension request using tax preparation software on your own computer or by going to a tax preparer that has the software. The IRS will acknowledge receipt of the extension request if you file by computer.
  5. You can use Free File Fill-able Forms to file for an extension.  You can access Free File Fill-able Forms via the IRS Web site.
  6. If you ask for an extension via computer, you can also choose to pay any expected balance due by authorizing an electronic funds withdrawal from a checking or savings account. You will need the appropriate bank routing and account numbers and must also have available the adjusted gross income from your 2008 federal income tax return to verify your identity. 

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