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Tax Preparation: 5 Things to Know if You Need More Time

Don't think you will have your taxes filed by April 18th? 

Five Things to Know if You Need More Time to tax  graphicFile Your Taxes.

That dreaded deadline is upon us! If you know two days won’t get you where you want to be with your tax filing, the IRS offers an automatic six month extension. Courtesy of the IRS, here are five things to know about filing an extension:

1.    Use IRS Free File to file an extension. You can use IRS Free File to e-file your extension request for free. Free File is only available through IRS.gov. You must e-file the request by midnight on April 18. http://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free

2.    Use Form 4868. You can also request an extension by filling out Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. You must mail this form to the IRS by April 18. Form 4868 is available on IRS.gov/forms at any time.

3.    More time to file is not more time to pay. An extension to file will give you until October 15 to file your taxes. It does not give you more time to pay your taxes. You still must estimate and pay what you owe by April 18 to avoid a late filing penalty. You will be charged interest on any tax that you do not pay on time. You may also owe a penalty if you pay your tax late.

4.    Use IRS Direct Pay.  The safe, fast and easy way to pay your tax is with IRS Direct Pay. Visit IRS.gov/directpay to use this free and secure way to pay from your checking or savings account. You also have other electronic payment options. IRS will automatically process your extension when you pay electronically. You can pay online or by phone. http://www.irs.gov/uac/Electronic-Payment-Options-Home-Page

5.    IRS helps if you can’t pay all you owe.  If you can’t pay all the tax you owe, the IRS offers you payment options. In most cases, you can apply for an installment agreement with the Online Payment Agreement tool on IRS.gov. You may also file Form 9465, Installment Agreement Request. If you can’t make payments because of a financial hardship, the IRS will work with you.

http://www.irs.gov/Individuals/Online-Payment-Agreement-Application

http://www.irs.gov/uac/Form-9465,-Installment-Agreement-Request-2

http://www.irs.gov/Payments/Alternative-Payment-Plans-&-Hardship-Information/Alternative-Payment-Plans-&-Hardship-Information

More questions: Visit these IRS You-Tube videos for more information:

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