Need More Time For Your Taxes? File an IRS Form 4868 for an Extension

Tax Extension Form

April 15th is the deadline to file your federal income taxes. However, if you feel like you need more time, you could file a Tax Form 4868 IRS Extension so you don’t receive a late penalty.

The failure-to-file penalty is usually 5 percent of your unpaid tax bill for every month, or part of a month, you are late. It begins April 16. In general, the maximum penalty is 25 percent of your original tax bill.

But, if you are owed a refund and filing late, it doesn’t make much sense. Wouldn’t you want your money sooner rather than later?!

“Most people with refunds are filing early in January, February and March because they’d like the refund early,” IRS Commissioner John Koskinen said. “So we don’t see an incentive and we don’t see much experience of people waiting later for us to keep the money longer.”

Either way, today is the deadline and you need to get your taxes done. Don’t get too caught up in trying to file before midnight that you make a mistake, that could only cause bigger problems down the road.

For taxpayers who cannot make the April 15 deadline, requesting a filing extension is easy and will prevent those late filing penalties, but keep in mind that while an extension grants additional time to file, tax payments are still due April 15, no matter what.

About 12 million taxpayers are expected to request extensions, giving them an additional six months to file their returns, according to the IRS. However, these taxpayers still must pay at least 90 percent of their tax bill by Tuesday to avoid the failure-to-pay penalty.

You can file the Form 4868 IRS Extension for free using available software like Turbo Tax, TaxACT, H&R Block 2011 Tax software or the fastest and easiest way to file for a tax extension is the Free File link on IRS.gov. Anyone can use this free service to electronically request an automatic tax-filing extension on Form 4868.

Filing this form gives taxpayers until Oct. 15 to file a return. To get the extension, taxpayers must estimate their tax liability on this form and should also pay any amount due.

Some other tax tips you shouldn’t forget:

  • Check your Social Security numbers, the spelling of your name, and your math. The easiest way to invite yourself to an audit is to make a silly mistake.
  • If you anticipate receiving your tax refund by direct deposit, make sure you have used the right bank account numbers.
  • Even if you can’t pay that taxes you owe, be sure to file. Pay what you can to avoid late filing penalties. And look into the monthly payment plans that the IRSoffers — for fee.
  • Don’t skip any questions.
  • Be sure to use the right mailing address and postage.
  • Make sure you’ve signed your return.

File a Tax Extension

An easy way to efile your tax extension is with TurboTax Easy Extension. If you’ve decided you can’t file your taxes by April 15th, there’s good news. You can use TurboTax Easy Extension to extend your tax filing date to October 15th. With Easy Extension, you can electronically file your tax extension and you can also make electronic tax payments with your checking or savings account.

How to File Tax Return Extension Form 4868

Learn how to file your own Form 4868.

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