Filing a Tax Return Extension

For those of you who have not yet realized that your annual 1040 tax return is due in the next few days, I thought I would just mention it so you don't get duped.

If you are not ready to file your tax return, you can file Form 4868 to request what is called an Automatic Extension for Time to File.  It's 'Automatic' because you just file the form and you automatically get the extension.  You then attach a copy of the Form 4868 with your completed tax return when you do file it.

The Automatic extension will give you 6 more months to file your return.  The extension avoids the penalty for not filing on time only. 

Warning:  This does not give you 6 more months to pay your taxes!

The extension allows you to estimate as best you can at the moment the taxes you owe and pay what you think you owe.  If you think your W-2 withholding or Estimated tax payments have covered your tax liability, your estimate would be zero owed and you may even expect a refund.  You will not get a refund until you file the completed return and the return shows a refund.

If you fail to pay your tax owed, or estimate incorrectly, you could owe when you file your return.  If so, you will also pay some penalties and interest for not paying your taxes by the deadline.   Again, the extension only keeps you from paying a penalty for not filing on time.

How to: 
   1.  Go to the IRS website at www.IRS.gov
   2.  Search for Form 4868
   3.  Print form, fill out form, sign and date the form
   4.  MAKE A COPY of the extension for you to file with your return later.
   5.  MAKE ANOTHER COPY for your own file.
   6.  MAIL the form your tax due date. April 17th 2012.

Information on the U.S. government website for the IRS Internal Revenue Service is free.
They may also link you to video instructions on YouTube.com provided by the IRS.

Additional Cautions:

     *   Don't wait 6 months to be almost late again, try to file as quickly as possible.
                You might forget and be late again.
     *   Don't wait to file because you owe money and think you can wait 6 months to pay.
                 The longer you wait to pay, the more interest and possible penalties you may have
                  to pay in addition to the taxes you owe.
     *  Don't expect a refund until you actually file your tax return completely.  You cannot
                 estimate a refund.  Sorry.
     *  The official site for the U.S. Internal Revenue Service ends with .gov !
                               www.IRS.gov
          This site has a lot of great information and is very usable.

I hope this is helpful information.  Leave a comment if you think I've left something out and help others as well.