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FILING A TAX EXTENSION

        Filing A Tax Extension         

Well, we can probably assume that if you have come to this link in our website, you probably aren't going to make the April deadline, huh?  Fortunately for you, Uncle Sam has provided for that "larger than we like to admit" procrastinating segment of our society. 

 

Taxpayers who cannot get their records together (or are waiting on information from a trust, partnership, etc.) have the option of filing a Form 4868, "Application For Automatic Extension of Time to File U.S. Individual Income Tax Return."

Like your income tax return itself, this one-page form must be mailed to the IRS and postmarked by April 15th.

 

Like your income tax return itself, this one-page form must be mailed to the IRS and postmarked by April 15th.   This filing gives you an automatic 6 month extension of time (to October 15th) to file your return.  Please bear in mind that this extension is for the filing of the return only.  

It does not apply to any payment you owe.  That's correct.   If it is likely that you owe money for the year, you must make a reasonable estimate of the amount owed and send it with your extension form.

If you do not send the payment in or significantly underestimate what you owe, the IRS can deny the extension retroactive to April 17th.   If this happens, you will be charged a late filing penalty of 5% per month (not to exceed 25%) and possibly a failure to pay penalty of .5% per month.  

Interest would also be tacked on in addition to these penalties!  As you can easily see, it is generally far better to borrow the money and pay the tax when it is due rather than risk underpaying with an extension as far too many taxpayers attempt to do.

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