Getting an Extension to File Your Taxes
What if you havenít filed your tax return and the deadline in upon you?
Itís probably time to file a Form 4868 Automatic Extension of Time to File. It is called an Automatic Extension because as long as you file it and it is timely dated on or before April 15th and the information you put on the extension isnít frivolous or deemed to be filed with complete disregard for accuracy the IRS will grant the extension automatically. While the extension gives you an additional six months until October 15th to file your return it does not give you an extension of time to pay the tax. What this means is that even if you cannot pay the tax and you file the extension the extension will be granted and your return will not be deemed to be filed late; however if you have a balance due that you do not pay with the extension, interest and possibly penalties will be charged on that amount from April 15th until you pay the tax. So if you have a balance due and you cannot pay the entire balance with your extension request but you can pay a portion you should send what you can with the extension to minimize the additional charges that will accrue. You can file your extension electronically from your home computer or by mail or by visiting your tax professional who is an Official E-file Provider. If you mail it be sure it is postmarked the 15th.
This year it is important also to note that if you extend your tax return it will delay any economic stimulus payment that you may be entitled to receive. So the sooner you file your return after filing your extension the sooner you will receive any stimulus payment you may be entitled to. According to the IRS after receipt of the return any stimulus payment due should be sent either by mail or electronically in approximately two weeks.
Additional information is available at www.irs.gov
As always I hope you are enjoying Tax Facts on the Taxing Subject of Taxes!
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