Tax Tidbit #10: It is Alright to File an Extension
April 15th is around the corner–29 days and counting. Many of us haven’t started our tax returns yet. Don’t worry. It’s not too late. Just be careful because the most common tax return mistakes occur when we are rushed for time. Simple errors in calculation happen to the best of us. Double checking your numbers can be invaluable.
If you’d prefer to eliminate the stress of the impending date, consider filing a 6-month automatic extension. Use Form 4868 to request the extension. This is one of the simplest IRS forms, as is less than half a page in length.
You can also obtain an extension to file your taxes if you pay all (or part) or your estimated tax due with a credit card. The IRS states your payment must be at least one dollar and you can pay by phone or over the internet. Call 1-800-PAY-1040 (www.pay1040.com) or 1-800-2PAY-TAX (www.officialpayments.com). There will be a convenience fee for these options. However, it will be based on the amount of the payment you are making.
Please be aware that an extension of time to file is NOT an extension of time to pay. If you owe taxes they will begin to accrue huge penalties and interest April 16th!
The IRS offers more information and links to State Government websites on their site.
Thanks for visiting Queercents and join us next Monday for another Tax Tidbit.