Even with this year's weekend extension of Tax Day, some of us may not have them done. There is a way to get more time to take care of the paper work.
If you need more time to prepare your federal tax return... You may be able to get an automatic six-month extension of time to file. To do this, you need to file form 4868. You can submit that electronically or on paper by today.
This way you'll avoid failure to file penalties, which can add up to 25 percent of the tax you owe.
While you can get an extension for any reason, there are top reasons why many do file for more time.
· Still missing information -- you can't file if you don’t have everything you need and sometimes forms do come late.
· If you're out of town during tax season and not able to file before you leave.
· Dealing with a major life event could also cause you to miss the tax deadline. The loss of a loved one, moving, marriage or divorce can take up your time and your energy. Filing an extension will let you deal with your situation when you need to, without having to worry about preparing and filing your tax return.
If you do file for an extension, you need to know it's only an extension for more time to file not an extension of more time to pay. You'll be expected to estimate your tax owed and pay by today.
