How to File for an Extension of Time to File Your Tax Return

Payment_Extension_on_Back_taxes_owedGetting an extension on your tax filing is fairly simple. You can easily get up to 6 more months to file your taxes.

The typical tax deadline is April 15th (April 15th in 2013). With an extension you can extend your due date to October 15th. One important thing to note about an extension is that it is ONLY an extension to file not to pay. If you do not pay the IRS by April 15th, penalties and interest will begin adding onto your balance that is due. If you know you will not be able to file or pay by April 15th, it is a good idea to submit for an extension because each month that taxes are unfiled, there will be a 5% failure to file penalty added onto the taxes owed (up to 5 months), but there will be only a .5% penalty for failure to pay taxes.

How to File for an Extension

1) If you know you will be owing taxes for last year you will need to get an estimate of how much you owe. It is best to do a rough draft of a tax return to get the basic amount you owe because you will need to send a check in with your extension form.

2) Fill out IRS Form 4868. This is the IRS form for an extension. You will need to have this filled out and post marked by April 15th with an check for an estimate of taxes owed. The IRS also allows individuals to pay with their credit cards.

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