| April 15th is closing in fast... and you haven't, or can't, | | | | area to indicate where to separate) and mail it to the |
| complete your tax forms. It happens to some of us, | | | | IRS center where you would normally send in your tax |
| and it's understandable. Filing for a tax extension can | | | | return. With this, make sure to enclose a check or |
| be your answer - but don't think it gets you out of | | | | money order to the U.S. Treasury for what you're |
| paying. The extension does only cover the paperwork. | | | | paying them! Put your SSN, the tax year, and the |
| You still need to pay what you owe by April 15th! | | | | words 'Form 4868' on the money order or check as |
| Here are detailed steps to file for a tax extension and | | | | well. |
| ensure that you've got yourself covered. | | | | 9. Mail it! The step some people forget is to mail the |
| 1. You need to know if you're going to owe more | | | | actual letter. Make sure it's post marked April 15th or |
| taxes this year, so figure that out first. You can file the | | | | earlier, because you're going to have some problems if |
| extension, but without paying the taxes owed, it's going | | | | it's not. |
| to do you no good! | | | | A Second Extension? |
| 2. Pick up a copy of Form 4868. You can usually print | | | | Sometimes April 15th closes in on you, and you can't |
| one off online, or pick it up at your local library. | | | | get your tax returns together. What you can do in this |
| 3. Fill in your name and SSN on the form. If you're filing | | | | situation is file a request for an extension to file your |
| jointly, put their information on there as well! | | | | taxes. Confusing, right? It's the government - they like it |
| 4. Line 4 is where your calculated tax due from your | | | | that way. |
| taxable income goes. The IRS doesn't appreciate a | | | | The IRS isn't going to automatically hand you this, |
| frivolous estimate, so make sure you really do your | | | | though. You need to show the following in order to |
| homework with this one. | | | | achieve a second extension: |
| 5. On line 5, you're going to have to figure out how | | | | A. The reason for the extension |
| much federal tax you had withheld from your | | | | B. The tax year you're dealing with |
| paychecks, and put that amount there, along with any | | | | C. The tax return that you need an extension on |
| other amount you paid in estimated taxes for the year. | | | | D. The length of time you need for this extension |
| 6. Pull out a piece of paper and subtract line 5 from line | | | | And finally, |
| 4. If you should be getting a refund, just put '0' on line 6. | | | | E. If another extension has already been granted for |
| If you're not, put what tax is due to the IRS on line 6 | | | | that tax year. |
| and 9. | | | | If you provide the information, the IRS should grant you |
| 7. On line 10, you need to put how much of what you | | | | the extension of time to file - usually it's a two month |
| owe them you're actually sending them. While I, and | | | | period. |
| they, understand you may not be able to pay 100% of | | | | Grab form 2688, which the form needed to make it all |
| it right now, you need to send as much as possible. | | | | happen. |
| 8. Place the bottom of the page (There should be an | | | | |