Saturday, April 11, 2009

HOW TO FILE AN EXTENSION

I am a procrastinator. I need more time to file my return. How do I get an extension?

Inez

Inez, remember you can get an extension of time to file, but not an extension of time to pay.

You can get an automatic six-month extension of time to file from the IRS by filing Form 4868, Automatic Extension of Time to File. You must submit the request by April 15. You can get a copy of the form on http://www.irs.gov./

The extension gives you until October 15 to file the tax return. If you think that you owe taxes, you should make a payment when you file the extension.

Remember, if you owe money and don't pay with the extension, you will owe interest on any amount not paid by the April deadline, plus a late payment penalty if you have not paid at least 90 percent of your total tax.

You did not say what state you are in. You should check with your Department of Revenue to determine how to extend your state tax return.

Larry Kopsa CPA

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