Even the best of intentions don’t always work out, and if you planned to have your taxes done by the April 15th deadline but are not going to get them done in time, you are going to have to file for an extension to avoid a late penalty, if you owe the IRS taxes.
Remember, an extension is only an extension to file, not an extension to pay the taxes you owe. You must send in any taxes you owe by April 15th irregardless of whether you file for an extension or not. In fact, if you are filing for an extension, and have to estimate how much you owe, you are probably better off slightly overestimating this amount, in order to avoid an underpaying your taxes.
File for an extension on paper and mailing it in
To file for an extension the traditional way, fill out Form 4868 from the IRS and mail it in along with any estimated payment, if you owe one.
Filing for an extension electronically
You can also use FreeFile to file an extension, regardless of your income or FreeFile Fillable Forms (looks like the simpler route of the two) to file your extension electronically.
To use Free File FillableForms to file an extension:
If you are a new user, just simply click the “Create An Account” button. Then at the top of the menu, access “File an Extension”. If you need any help, then click on the Filing An Extension Instructions button at the bottom of the screen. Good news! You may e-file your Federal Extension too.
Good Luck!
Are you filing an extension this year?
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- What Should You Do if You Haven’t Filed Your Taxes or an Extension Yet?
- IRS E File Opens and 2011 Tax Filing Deadlines
- IRS to Start Accepting Itemized and Delayed Filer’s Tax Returns on February 14th
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