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Tax Day Deadline - and Extensions

2016-04-18 by Eva Rosenberg

stevepb / Pixabay[/caption]

Good news! This year we get a few extra days to file our tax returns – until April 18th (19th in MA and MN).

But what’s if you’re just not ready?

Relax. File an extension – no excuses needed.
You get an extra six months to file.
Use From 4868 for personal extensions

Check with your state for their forms and filing requirements. William Perez at About.com has a good list of the state info. When you expect to owe money, some states, like CA, OK, DE and some others, will only give you an extension if you pay some or most of the balance due.

Don’t worry, going on extension won’t increase your chances of audit.

Oh, you heard it’s an extension to file, not an extension to pay?
That’s true. But they will grant you the extension even if you don’t pay the whole balance due.
By filing the extension, you avoid the non-filing penalty of 5% per month up to 25%.
AND if you really have a hardship when it comes to paying, there’s a special form to give you more time to pay – Form 1127.

For business, like partnerships, estates and gift taxes, use Form 7004 to get the extension – and the corresponding state form.

Whatever your tax problem – TaxMama has an answer – free – at www.taxmama.com click on Ask a Question.

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