- It is important that you recognize your need for an extension and understand exactly what the extension means. If you are unable to complete and file your taxes by the April 15 deadline, then you should request an extension. You will file IRS Form 4868 Application For Automatic Extension of Time To File U.S. Individual Tax Return. This application is simply to extend your filing period, generally for no more than a six months. This form does not extend your deadline for paying your taxes. If you are able to file your returns on time but unable to pay your taxes on time, you should not file IRS Form 4868. You should file your taxes and pay as much as possible. If you require a payment plan, contact the IRS to review your payment options. All past due taxes are subject to interest, penalties and late fees.
- IRS Form 4868 contains only nine lines. Part one of the form asks for your identifying information (name, address, Social Security number). Part two asks for your estimated tax information. The IRS requires that the following information be completed in order to qualify for an extension:
1. Properly estimate your 2008 tax liability using the information available to you;
2. Enter your total tax liability on line 4 of Form 4868; and
3. File Form 4868 by the regular due date of your return.
The IRS does not require that you send a payment at the time of your extension request, however, it is recommended that you do so. - There are three ways to file your extension request. You can complete the request electronically via the IRS' website, you can mail in Form 4868 through standard mail or you can make a credit card payment with one of the authorized service providers listed on IRS Form 4868. Should you file electronically, you will receive a confirmation number upon completion. This will serve as your file number and you will not be required to mail in the Form 4868. If you choose to make a credit card payment towards your due tax via one of the authorized service providers, you will do so by attaching the payment to your Form 4868. You will also be required to pay the fee that is charged by the service provider and to mail in the Form 4868 to your IRS location.
previous post