Need more time to file?
Wednesday, April 15 is here. It’s Internal Revenue Service time. Do you know where your IRS forms are? Have you visited IRS.gov yet? Remember, Turbo Tax and H and R Block are two of many online resources for filing.
If you haven’t even started, it’s time to get moving. Nitty gritty time is here; you need to have your tax return postmarked by April 15 if you wish to file via postal mail.
But what if you know you aren’t going to make it in time? Did you know that you can ask for an IRS extension? Simply use the proper tax extension form!
You won’t be alone
According to Bank Rate Monitor, around 10 million people file an extension each year. What you’ll need to get another six months of time is to file Form 4868, Application for Automatic Extension of Time to File. Just keep in mind that the extension is for time in which to file. It is NOT an extension of time in which to pay if you owe the IRS money. You should still pay on time, even if it is a close estimate of the final amount.
On a side note, if you are out of the country on April 15, you will automatically have two extra months to file.
A little help from your friends
OK, I won’t take credit, but I will point you in a good direction. There’s a handy eHow article that walks you through the process. In a nutshell, do this/keep this in mind… it’s your tax extension form “prime nine” :
- Again, figure out whether you’ll owe money to the IRS. A tax extension form is not an extension of time to pay.
- Get a copy of the one-paged Form 4868.
- Fill in your name and Social Security number. If you’re married and filing jointly, include names and numbers for both people.
- Be careful with your estimated tax due. Based upon your taxable income and filing status, be as accurate as possible.
- Record federal tax withheld and estimated taxes paid .
- If you’re getting a refund, enter “0″ on line 6. Otherwise, enter the tax due on lines 6 and 9.
- Write down how much you’re paying on line 10. It’s very important to pay the IRS as much as possible of what you owe.
- Mail the tear-off portion of the 4868 form in an envelope addressed to the IRS center where you would normally send your completed tax return. Enclose a check or money order with payment if necessary. The payment should be made out to the U.S. Treasury Department. In the info space on the check, write your Social Security number, tax year and “Form 4868.”
- Mail/postmark by April 15.
A few words in closing
We are not tax professionals. Neither is eHow. If you have specific questions about filing a tax extension form, please consult a tax professional. Furthermore, check your state’s tax laws to see if you need to file a separate tax extension form and payment with them.
Oh, and finally, you didn’t apply for tax refund loans, did you? They’re dirty, expensive things. Payday loans are cheaper.
Related Video:
April 15th…it makes me shudder. It’s funny, a famous quote is to “beware the Ides of March.” Well, it turned out to be true for Julius Caesar, but for the rest of us, beware the Ides of April might be far more practical. Beware the Ides of April, America – big time.