April 15th is coming quickly. If you are not ready to submit your tax return the IRS does allow a six month extension. Here are four things you should know if you are planning on filing an extension.
1) File your tax return by April 15th even if you can not pay all of the taxes owed. If you need an extension because you can not pay all of your taxes then still file file. Do not request an extension. The IRS recommends for you to file your return on time and then pay as much as you can. This will reduce any penalty and interest charges for the amount you are able to pay.
2) If you need extra time to file your return, it does not mean you have extra time to pay your taxes. The IRS allows for tax payers to request a six month extension to file tax returns, but not to postpone any payment. Even if you can not send if the completed return, send in as much of the tax you estimate you will owe by the April 15th deadline to reduce any interest charges on late payment.
3) Use Form 4868 if you file a paper form and need an extension. This form must be submitted to the IRS by April 15th.
4) Use Free File to request an extension electronically. All tax payers can use the IRS Free File to request an extension. This request must be made by midnight on April 15th.