Need More Time to File Your Taxes?

Important Things to Know When Filing a Tax Extension Form 4868

Are you one of the millions of taxpayers who have not yet filed a tax return? Do you wish you had more time? The April 15th deadline is right around the corner but there is an easy way for you to get an extension of time for filing your tax return.

Filing a Tax Extension Form 4868 with the IRS will automatically give you until October 15th to file your tax return. For US citizens and alien residents abroad, you will need to file IRS Form 2350.

This is great for taxpayers who have complex tax situations or for those who are still waiting for all of their tax statements. The deadline to submit Automatic Extension Form 4868 is April 15th.

Please note, extension Form 4868 will not grant you more time to pay taxes owed. If you owe money on your tax return, the balance is still due on April 15th. The IRS will calculate penalties and interest on any outstanding balance if you do not pay in full by April 15th.

In cases where a taxpayer does not file a past due return and does not contact the IRS, a substitute return will be prepared by the IRS based on information received from other sources. This may overstate your tax liability because this substitute return will not include any additional exemptions or expenses you may be entitled to. Bottom line: You will still need to pay any taxes owed by April 15th to avoid any penalties and interest.

Where can you go to file Form 4868? The easiest way would be to use an online tax software provider to prepare and submit the Form 4868 electronically. There are some sites, such as www.esmarttax.com, that will allow you to e-file the Form 4868 for free. There is a free version of the eSmartTax.com online tax software that you can use to estimate if you owe any taxes. You will also be given the option of paying any estimated taxes owed using direct debit from your bank account. The e-file method of submitting your Form 4868 and any necessary tax payment will avoid the risk of loss or theft in the mail.

Visit www.esmarttax.com or www.irs.gov to learn more about how you can easily file an Automatic Extension Form 4868.

Kim Finley. Kim is a financial writer with a passion for the environment and personal finance.

Article Source: ArticlesBase.com - Need More Time to File Your Taxes?