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6 Tips For Filing A Tax Extension

Can’t make the April 18 tax filing deadline and need more time to file your tax return? You can get an automatic six month extension of time to file from the IRS.

 

Here are seven important things you need to know about filing an extension:

    1. File on time even if you can’t pay If your return is completed but you are unable to pay the full amount of tax due, do not request an extension. File your return on time and pay as much as you can. The IRS will send you a bill or notice for the balance due. To apply online for a payment agreement, go to the IRS website at http://www.irs.gov and click “Apply for an Online Payment Agreement (OPA)” at the left side of the home page under Online Services. If you are unable to make payments, call the IRS at 800-829-1040 to discuss your options.
    2. Extra time to file An extension will give you extra time to get your paperwork to the IRS, but it does not extend the time you have to pay any tax due. You will owe interest on any amount not paid by the April 18 deadline, plus you may owe penalties.
    3. Form to file Request an extension to file by submitting Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, to the IRS by April 18, 2011, or make an extension-related electronic credit card payment. For more information about extension-related credit card payments, see Form 4868.

You can e-file your extension request through TurboTax.

  1. E-file extension You can e-file an extension request using tax preparation software with your own computer or by going to a tax preparer who has the software. The IRS will acknowledge receipt of the extension request if you file by computer.
  2. Electronic funds withdrawal If you ask for an extension via computer, you can also choose to pay any expected balance due by authorizing an electronic funds withdrawal from a checking or savings account. You will need the appropriate bank routing and account numbers.  For information about these and other methods of payment, visit the IRS website at http://www.irs.gov or call 800-TAX-1040 (800-829-1040).
  3. How to get forms Form 4868 is available for download from the IRS website or may be ordered by calling 800-TAX-FORM (800-829-3676).You can also obtain the form at your local IRS office. Telephone requests normally take 7 – 15 days to process and ship.

IRS Information on Tax Extensions

Form 4868, Application for Extension of Time to File U.S. Individual Income Tax Return
Form 9465, Installment Agreement Request
Publication 54, Tax Guide for U.S. Citizens and Resident Aliens Abroad
Publication 3, Armed Forces’ Tax Guide

IRS Grants Minnesota, North Dakota Flood Victims until May 15 To File Tax Returns, Make Payments

WASHINGTON —Victims of severe flooding in Minnesota and North Dakota have an extra 30 days, until May 15, to file their 2008 individual tax returns and pay any taxes due, the Internal Revenue Service announced today.

floodingBecause the flooding has occurred within close proximity to April 15, the nation’s tax day and the most significant tax filing deadline of the year, taxpayers and relief workers directly impacted by the flooding will have until midnight May 15 to file and make payments associated with their 2008 individual tax returns, otherwise due April 15, without incurring late filing or payment fees and interest.

 

IRS Grants Minnesota, North Dakota Flood Victims until May 15 To File Tax Returns, Make Payments

This relief applies to flood victims in the following counties in Minnesota:

Clay, Kittson, Marshall, Norman, Polk, Traverse and Wilkin

and the following counties and Indian Reservations in North Dakota:

Adams, Barnes, Benson, Billings, Burleigh, Cass, Cavalier, Dickey, Dunn, Emmons, Foster, Grand Forks, Grant, Hettinger, Kidder, LaMoure, Logan, McIntosh, McKenzie, McLean, Mercer, Morton, Nelson, Oliver, Pembina, Ramsey, Ransom, Richland, Sargent, Sioux, Stark, Stutsman, Walsh, and Williams counties, and Standing Rock and Spirit Lake Indian reservations.

Affected taxpayers can mark paper tax returns with the words “severe storms, flooding.” Taxpayers who e-file their returns can use their software’s “disaster” feature, if available.

Relief workers without an address of record in the areas listed above need to call the IRS at 1-866-562-5227 and identify themselves to the IRS before they file and or make payment.

The IRS will continue to monitor the situation and will take further actions as necessary.

For further information, see Tax Relief in Disaster Situations.

e-file Extension Requests before April 15

WASHINGTON — The Internal Revenue Service today urged taxpayers who need additional time to complete their tax returns to submit their requests for an automatic extension electronically by April 15. E-filing a request for an extension is convenient, safe and secure, and taxpayers receive confirmation to keep with their records.

The extension gives taxpayers until Oct. 15 to file the tax return. An extension does not give the taxpayer an extension of time to pay. Those who owe taxes can make a payment when they file the extension either by mailing a check or by several electronic payment methods, such as electronic funds withdrawals from bank accounts and credit card payments.

Some taxpayers can wait until after April 15 to file a return, pay any taxes due and make IRA contributions for 2007. As a general rule, those eligible get the extra time without having to ask for it. Eligible taxpayers include:

 

e-file Extension Requests before April 15

Members of the military serving in Iraq, Afghanistan or other combat zone localities. Normally, the postponement is until 180 days after the service member leaves the combat zone.

Disaster-area taxpayers in four states affected by recent floods, storms and tornadoes. The postponement is until May 6 in parts of Illinois, May 19 in parts of Georgia and parts of Missouri and May 27 in parts of Arkansas.

IRS expects to receive 10.3 million extension requests during 2008 compared with 10 million extensions received during 2007. The IRS expects to receive almost 2 million extension requests electronically this year.

Taxpayers can get an automatic six-month extension of time to file their tax returns by filing Form 4868, Automatic Extension of Time to File.

It is also important for extension filers to remember that Oct, 15 is not only the due date for their tax returns, it is also the last date on which a return can be filed that will result in an economic stimulus payment. Taxpayers who file earlier, however, will get their economic stimulus payments sooner.

Taxpayers can e-file the extension from a home computer or through a tax professional who uses e-file.

Source – IRS Newswire

Please see our Tax Extension FAQ for more information