Wednesday, February 29, 2012

Cannot file your 1040 by April 17? | File for Automatic Extension

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Need more time to file your income taxes? Consider an extension These days, life can really be hectic and something is bound to be forgotten in the shuffle, particularly filing your income tax return. If you can’t get it completed by April 17, you can file for an automatic extension of time to file to give yourself something very precious — time.

There are three ways to do this, and with the first two options, you’ll get a confirmation number for your records.

Electronically file Form 4868,

Application for Automatic Extension of Time to File U.S. Individual Tax Return. If you need to pay additional taxes, you may do so through a tax professional* or do it yourself through e-file.
Pay all or part of your estimate of income tax due using a credit or debit card by phone or through the internet. Contact information for IRS e-pay service providers and their fees is available on irs.gov.
File a paper Form 4868 and mail it to the appropriate address provided on Page 4 of the form. 

To qualify for an extension, you must estimate your 2011 tax liability properly and then enter your total tax liability on Line 4 of Form 4868.

Filing for an extension will give you an extra six months (with some exceptions) to file Forms 1040, 1040A, 1040EZ, 1040NR, 1040NR-EZ, 1040-PR or 1040-SS.

Note:
An extension of time to file is NOT an extension of time to pay. If you dont pay the amount due by April 17, 2012, you will owe interest and may be charged penalties.