Need More Time to File? Here are 5 Things to Know!
April 10, 2013 by Gordon Advisors
Five Things to Know if You Need More Time to File
Uh oh! Did April 15 creep up on you quicker than you imagined. With some delayed forms, procrastination, and overall busy-ness of the season you may have found yourself in a time crunch! If you need more time to file your tax returns, you can get an automatic six-month extension from the IRS but there are very important things you need to know about filing an extension.
1. There is still a deadline! You must file for an extension by April 15th – You must either e-file your request for the extension using IRS Free File (available on IRS.gov) by midnight on April 15, or mail Form 4868 to the IRS by April 15. This form can be found on IRS.gov as well.
2. Anyone can request an extension – Anyone is eligible for requesting an extension.
3. You still have to pay up by April 15th! – Extra time to file does not mean extra time to pay! You may request an extension of time to file your federal tax return to get an extra six months to file, until Oct. 15. The extension will give you an extra six months to get your tax return to the IRS. It does not extend the time you have to pay any taxes you may owe. If you do not pay taxes owed by April 15th you will owe interest and may also owe a penalty for failing to pay on time.
4. If you complete your return but you can’t pay the full amount due, do not request an extension – File your return on time and pay as much as you can. You should pay the balance as soon as possible to minimize penalty and interest charges. You can also apply for a payment plan using the Online Payment Agreement tool on IRS.gov or you can send Form 9465, Installment Agreement Request, with your return. If you are unable to make payments because of a financial hardship, the IRS will work with you. Call the IRS at 800-829-1040 to discuss your options.
5. Electronic funds withdrawal. If you e-file an extension request, you can also pay any balance due by authorizing an electronic funds withdrawal from a checking or savings account. To do this you will need your bank routing and account numbers.
For more information please contact us at 248 952 0200.