If you can't
meet the April deadline to file your tax return, you can get an
automatic six
month extension of time to file from the IRS.
Here are
seven things you need to know about filing an extension:
1. Extra time to
file An extension will
give you extra time
to get your paperwork to the IRS, but it does not extend the time you
have to
pay any tax due. You will owe interest on any amount not paid by the
April 15
deadline, plus a late payment penalty if you have not paid at least 90
percent
of your total tax by that date.
2. File on time
even if you can’t pay If
your return is
completed but you are unable to pay the full amount of tax due, do not
request
an extension. File your return on time and pay as much as you can. The
IRS will
send you a bill or notice for the balance due.To apply online for a
payment
agreement, go to IRS.gov and click “Online Payment Agreement
Application” at the left side of the home page under Online Services. If
you are unable to make payments, call the IRS at 800-829-1040 to discuss
your
options.
3. Form to file Request an extension to file by submitting
Form 4868, Application for Automatic Extension of Time to File U.S.
Individual
Income Tax Return to the IRS by April 15, 2010, or make an
extension-related
electronic credit card payment. For more information about
extension-related
credit card payments, see Form 4868.
4. E-file
extension You can e-file
an extension request
using tax preparation software with your own computer or by going to a
tax
preparer who has the software. The IRS will acknowledge receipt of the
extension request if you file by computer.
5. Traditional
Free File and Free File Fillable Forms You can use both Free
File options to file an extension. Access the Free File page at IRS.gov.
6. Electronic
funds withdrawal If you
ask for an
extension via computer, you can also choose to pay any expected balance
due by
authorizing an electronic funds withdrawal from a checking or savings
account.
You will need the appropriate bank routing and account numbers.For
information
about these and other methods of payment.