If you can’t meet the April 15 deadline to file your tax return, you can get an automatic six-month extension of time to file from the IRS. The extension will give you extra time to get the paperwork into the IRS, but it does not extend the time you have to pay any tax due. You will owe 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 tax by that date.
You must make an accurate estimate of any tax due when you request an extension. You may also send a payment for the expected balance due, but this is not required to obtain the extension.
To get the automatic extension, file Form 4868, Application for Extension of Time to File U.S. Individual Income Tax Return, with the IRS by the April 15 deadline, or make an extension-related electronic payment. You can file your extension request by phone or by computer, or mail the paper Form 4868 to the IRS.
You can file Form 4868 by phone anytime through April 15. You will need to provide certain information from your federal income tax return. The special toll-free phone number is 1-888-796-1074. Use Form 4868 as a worksheet to prepare for the call and have a copy of your 2003 federal income tax return available.
The system will give you a confirmation number to verify that the extension request has been accepted. Put this confirmation number on your copy of Form 4868 and keep it for your records. Do not send the form to the IRS.
At J Kelly & Associates, we are tax experts! Contact us for more detailed information about how to file your extension properly.