Late Again? Here's How To Request A Tax Extension

Img

Panic Scared Falling

It may be cute to make a date wait while you primp, but tardiness comes with heavy penalties when you're answering to the IRS.

The deadline for filing your 2011 tax return is April 17 and telling the IRS your car broke down isn't a valid excuse.

In a real mess? Don't flip out if you can't file your return on time; just file an extension to avoid big trouble.

Here's the big thing to keep in mind about extensions: they only buy you time to file your return, but they don't allow for additional time to pay taxes owed. So, if you won't be filing your return by the 17th but know that you have to pay taxes, you need to pay at least 90 percent of the total amount due by the April deadline to avoid penalties.

Asking for an extension will give you six additional months to complete and file your tax return.

From IRS' website:

Taxpayers who need extra time to file their federal returns this year can file the Form 4868 request for an automatic extension through IRS Free File. The extension gives you an additional six months, until Oct. 17, to file the tax return.Taxpayers can file the request for extension with traditional Free File or Free File Fillable Forms. Using Free File to prepare and electronically submit Form 4868 is free to everyone.

See? You are gonna be just fine. Now exhale.

Now see 9 ways to spot a tax preparer scam > 

Please follow Your Money on Twitter and Facebook.

Join the conversation about this story »

See Also:



Img Tags.bluekaiInsight.adsrvr
Feeds.feedburner
read full article

Latest ArticlesMost Read Articles

For latest CURRENT design & photos
Find Joysco Studio On Facebook


28 February 2012
Be Inspired: The Life of Heavy D (Documentary) FT. QUEEN LATIFAH AND MORE NARRATED BY...
16 April 2015
With summer on the horizon, you've got to be eyeing a pair of Nike Air Force 1s for the season. Of...
16 April 2015
After announcing the launch of TIDAL three weeks ago, Jay Z has finally released his own contribution to...
16 April 2015
Ciara released her very personal ballad "I Bet" earlier this year and with her new album,...
16 April 2015
The Boombox had a chance to sit down with Travis Porter shortly after their '3 Live Krew'...
16 April 2015
Record Store Day gets bigger and better every year and we can only expect it to grow as companies catch...
16 April 2015
Sure Knight was ordered to stand trial for murder and attempted murder charges during a preliminary...
16 April 2015
Read on as Bodega Bamz opens up about his new album, has-been rappers, the evolution of the New New...
16 April 2015
Eight years ago, Cam'ron stunned hip-hop fans and critics when he was interviewed on 60 Minutes and...
16 April 2015
Hip-hop is a relatively young genre, but these days, you're seeing many of the OGs make their...