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Posts Tagged ‘tax extension’

How Long Is a Tax Extension?

Monday, May 13th, 2013

A tax extension grants you an extra six months to file, but doesn’t give you any extra time to pay

A tax extension gives you an extra six months to file your return.

You must file an extension by April 15th (or whatever the normal tax deadline is for that year). It then grants you an extra six months to file, making your new deadline October 15th.

This year for 2012 taxes, for example, if you requested an extension by April 15, 2013, your return is due by October 15, 2013.

Note an extension only give you an extra six months to file, it does not give you an extra six months to pay. When you request an extension, you will have to estimate your tax liability and pay any tax due or else you could be subject to failure-to-pay penalties starting April 15th. (more…)

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Category: Tax Deadlines
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What Is the Last Day to File Taxes 2013?

Thursday, March 21st, 2013

By April 15, 2013 you must file your return or request an extension, which pushes the deadline back to October 15th

The normal tax filing deadline is Monday, April 15, 2013. By this date, you must either file your return or request an extension.

Just to get specific about it, filing a return involves submitting to the IRS either Form 1040, 1040A, or 1040EZ and all the attendant forms and schedules that your return requires. You can either e-file your return or mail in a paper return. Note that if you are filing a paper return, your return must be postmarked by April 15th in order for it to be considered on time.

Filing an extension involves filing Form 4868 [Application for Automatic Extension of Time to File U.S. Individual Income Tax Return], which will give you an extra six months to file. This means that your new deadline becomes October 15, 2013.

Note that this only gives you an extension of time to file, not an extension of time to pay. When you file Form 4868, you have to estimate and pay your tax liability. (more…)

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Category: Tax Deadlines, Tax Tips
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File a Tax Extension Online with Form 4868

Thursday, March 7th, 2013

Filing a tax extension gives you an extra six months to file your return, but not to pay your tax bill

The April 15th tax deadline is still over a month away, but for many taxpayers this won’t be long enough to get their financial ducks in a row. Thankfully, the IRS allows you to file an extension and buy yourself a little extra time.

An extension gives you an extra six months to file. Instead of being due on April 15, 2013 your tax return will then be due on October 15, 2013. E-file stays open until the October deadline so you can prepare and file your return just as you would during the season.

In order to request a tax extension you must file Form 4868 [Application for Automatic Extension of Time to File U.S. Individual Income Tax Return] by the normal tax deadline, April 15th.

An extension does not, however, give you an extra six months to pay the tax man. On Form 4868 you must estimate your tax liability and pay any balance due. If this amount is different from what you get after actually filing your taxes later in the year, you will either receive the difference in the form of a refund or have to send an extra check to the IRS. (more…)

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IRS Form 4868 – How to File a Tax Extension

Monday, April 9th, 2012

To get an IRS extension, file Form 4868 before Tuesday, April 17

We’re down to the last week of the tax season, and if you’re not scrambling to finish your return, you’re probably wondering, “How do I get a tax extension?”

The answer is IRS Form 4868 [Application for Automatic Extension of Time to File U.S. Individual Income Tax Return]. File it by April 17 and you can get an extra six months to do your return.

You can file Form 4868 electronically. There’s no need to go through the hassle of printing it out and mailing it in to the IRS.

Plus, you can take comfort knowing that you will receive an electronic acknowledgement as soon as you e-file the form. You won’t have to deal with the stress of waiting to find out whether your request for an extension was accepted – and then scramble to get your return done if it wasn’t.

When you e-file your extension, or your actual return for that matter, be sure to have a copy of your 2010 tax return on hand. You’ll need some information, specifically your 2010 AGI, in order to verify your identity. (more…)

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File your income tax extension before the April 18th income tax deadline

Tuesday, April 12th, 2011

Consider filing a tax extension and do it online for free!

The few short days remaining before the tax deadline may not be long enough for you to get your records in order, especially if they involve such delicate matters as testimonials. In that case, you should file an extension. This is because you absolutely want to avoid the failure to file penalty as it is the most onerous. You can file a tax extension online for free right here.

Even if you don’t believe you owe any taxes, and therefore would suffer no penalty for late filing, it is strongly advisable to opt for an extension, because if it turns out you’re wrong it will cost you dearly. The penalty for late filing is 5% of the tax balance due per month up to a maximum of 25%. Filing a tax extension online will push your tax deadline forward six months to October 17th and exempt you from the penalty.

If you have a tax liability and owe the IRS money but are unable to pay in full a tax extension will also give you some breathing room to save the needed cash. However, note that you will still incur the penalty for late payment of taxes unless you can demonstrate reasonable cause to the IRS for not paying on time. The penalty for late payment is 0.5% of the amount owed for each month from the deadline until the tax is paid in full. You can avoid it by paying at least 90% of your tax liability.

In addition, the IRS will charge you interest monthly on the total owed until the tax is paid in full. The rate of interest is currently posted at 4% annually and is open to change quarterly. Note that irrespective of whether you’re exempt from the late payment penalty you will still be billed interest.

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Category: Tax Deadlines, Tax Tips
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I’m Late Filing My Tax Extension–What Do I Do!?

Friday, December 3rd, 2010

Every one of us has had an extension for something in our lives. Whether it is a school paper, something due at work, or our taxes, we all need a little more time on occasion. But what if you’re late with that extension? What if you were supposed to be filing your tax extension 3 months ago and you still haven’t? Then what?

This is a more common situation than you might initially think. Because filing a tax extension usually means getting rid of money–money that often you can ill-afford to spare–it’s common for people to put off filing if they can. But this is not the best way to get rid of your tax problem. This is: (more…)

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Can My 2009 Tax Extension Be Filed Online?

Saturday, October 23rd, 2010

Forgetting to file your taxes by the April 15th deadline can be a very scary thing. It’s easy to imagine your future financial troubles: losing your car, your house, going into debt, or having to file for bankruptcy. What’s less easy for people to imagine is something like the 2009 tax extension form: an easy, simple to fill out form that lets you pay the IRS later.

I know, I know. You won’t believe me because the words IRS and easy being in the same sentence doesn’t compute in your brain. But it gets even easier: you can actually file your 2009 tax extension form online! Here’s the how and why: (more…)

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The 2009 Tax Extension is October 15th

Friday, October 15th, 2010

The season for E-filing tax returns officially ends on October 15th. You can still mail in your 2009 tax return after the deadline but your return will be considered late. Remember that all returns mailed after the deadline must be signed.

Tax returns filed prior to the closing of the tax season must have their postage affixed and be postmarked  by 11:59PM on October 15, 2010 in order to avoid late filing penalties. If you have a liability for tax year 2009 and you do not file by the deadline, penalties will be added to the amount owed and interest will accrue from the date of the original April deadline!

E-File my 2009 Return Now!

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2008 Tax Extension Form: The Deadline is Approaching

Thursday, August 27th, 2009

For many taxpayers, the 2008 tax deadline was on April 15th, 2009. But for taxpayers who filed a 2008 extension, there’s another deadline looming: they need their returns filed by October 15th, 2009. A few steps they can take to make sure everything goes well: (more…)

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Category: Tax Deadlines, Tax News
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