Wednesday, April 11, 2007

Extension Requests for taxes otherwise due Apr 17

You can get an extension on your tax return until October 15 by filing Form 4868.

However, it will be void if you do not send in a payment with the extension and you owe a significant amount. If you have paid in most of what you owe through withholding and by other payments including the payment, if any, with the extension request, the extension will prevent the assessment of a LATE FILING penalty. It will NOT prevent the assessment of a late payment penalty for the amount you still owe after filing the extension.

The thing to keep in mind is that if you only are late on just a small part of the tax, the extra cost will be minimal.

If you aren't sure and send in more than you end up owing, you can get it refunded after you file your return.

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