Tax Filing Extension

Today, April 15, is the filing deadline for a federal tax return.  If you need more time to get your paperwork complete, make sure you file Form 4868, Automatic Extension of Time to File, with the IRS by the end of today.  This gives you an automatic six-month (October 15, 2008) extension of time to file.  

NOTE:  An Extension of Time to File is not an “Extension of Time to Pay.”  The Extension gives you an automatic six months of additional time to get your paperwork together and file that return.  But, if you owe more than what you paid with your estimate, you’ll be accumulating penalties and interest on the difference, so don’t take the entire six months to do this. 

When filing your Extension of Time to File, you should estimate what you think you owe to the IRS.  This should not be “pulling numbers out of thin air.”  You still need to go through your receipts and tax documents and get them somewhat organized.  From here, you can estimate both your income and your expenses, and then approximate what you owe Uncle Sam.  Keep in mind that this is an ESTIMATE.  And, you should pay what you estimate you owe at the time you file Form 4868. 

Remember, a delay in filing your tax return will also delay your receipt of your economic stimulus payment, if you qualify to receive one, since payments are based on the tax return. 

If you have questions, or need assistance completing Form 4868, please visit your local PRO-TAX office.  We would be happy to help you file the extension correctly and on-time.

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