How to File For a Tax Extension
If you still haven’t filed your taxes for the 2010-year, you might be in a panic to do so. What millions of Americans don’t realize is how they can file for a tax extension. Filing for a tax extension is easy and anybody can do it. The first thing you need to do is go to the IRS website and download the 4868 tax form. You can also go to an IRS office or call them to have one sent to you if you don’t have a computer handy. Fill the form out and send it to them in the mail. Next, send in at least ninety percent of the current amount that you owe on your taxes that you owe to the government so you don’t have to deal with late fees and penalties.
You have until April 15th to file your extension and then you have six months to file your taxes. After Oct. 15th you will be subject to late fees and penalties. You would also default on any self employment tax benefits that you would have been eligible for.
If you are in the military, you might be able to qualify for a longer extension. Military members may be able to get a six-month extension over the extension that citizens can receive. If you are living overseas, you may also qualify for this extension. Filing you taxes is something that every American has to do. If you don’t pay your taxes on time, you may have to pay hundreds if not thousands of dollars in late fees and penalties.
Some Americans are in need of a tax relief with all the floods and hurricanes lately in America. In the rush to get tax returns prepared and filed by April 15th, many overpay their taxes.
If the federal government determines that it was your intention to defraud them, you may have to face jail time. Filing a tax extension can save you a lot of headache when it comes to owing the government money. Avoid these penalties by paying your taxes on time or filing your tax extension by April 15th.
