How to extend your filing deadline
Note: you can get an automatic six month extension of time to file from the IRS.
Some things to remember about filing extensions:
• The File Form you need is 4868, “Application for Automatic Extension of Time to File U.S. Individual Income Tax Return”, with the IRS by the April deadline, or make an extension-related electronic payment.
• The extension will also 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.
• Next, You will owe some interest on any amounts not paid by the April deadline, plus a late payment penalty if you have paid less than 90 percent of your total taxed by that date.
• Furthermore, You can e-file an extension request using tax preparation software on your own computer or by going to a tax preparer that has the software. The IRS will acknowledge receipts of the extension request if you file by computer.
• Also, You can use Free File to file for an extension. Many private-sector companies in the IRS Free File Alliance offer extensions for no charge. You can access Free File via the IRS Web site at IRS.gov. Taxpayers with adjusted gross incomes of $52,000 or less may file their 2006 Federal Income Tax Returns electronically through Free File.
Finally, if you do ask for an extension from your computer, you can 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 account and routing numbers and must also have available the adjusted gross income from your 2006 federal income tax return to validate your identity. For information on these and other methods of payment, call 800-TAX-1040 (800-829-1040).
If your return is completed but you are also unable to pay the tax due, do not request an extension. File your return on time, and pay as much as you can. The IRS will then send you a bill or notice for the balance due. To apply online for a payment agreement, go to IRS.gov, use the pull-down menu under “I need to..” and select “Set Up a Payment Plan.”
You can obtain a copy of the Form 4868 or other forms and publications by using E-file tax-preparation software. You can download them from IRS.gov or visit your local IRS office. Note that forms and publications can be ordered by calling 800.TAX.Form or (800.829.3676). Also to note: telephone requests usually take 10 days to fill and may not arrive before the tax deadline, April 17.
