Enjoy the Weekend!
All across the country, thousands of Americans’ pulses are quickening and palms are sweating as the midnight Monday tax deadline approaches. But you don’t have to wait in line at H&R Block or spend your weekend hunched over IRS forms, receipts, preparation software, and a fifth of Jack Daniels. Every U.S. taxpayer has the government-given right to procrastinate on filing his or her taxes!
IRS Form 4868
Here’s the key:
Yes, you, and all of your taxpaying neighbors, can get an automatic extension of time to file. All you need to do is file by midnight Monday (Tuesday if you live in Massachusetts or Maine) Form 4868, which just possibly is the shortest form in the IRS’ arsenal.
Oh, just one catch: you do have to send any taxes owed by midnight April 18. No extension on paying, just filing.
Filing Extension Details
Before you chest bump your buddy and make plans to party all weekend instead of preparing your tax return, take notice:
- If you owe money to Uncle Sam and you don’t send it in along with Form 4868, you may be penalized. Without doing your return you won’t know exactly if you owe or how much, so guess in Uncle Sam’s favor. You’ll get back any overpayment after you do file.
- For most taxpayers, you’ll get a 6-month reprieve from the IRS. Your new filing deadline will be October 17. Try not to procrastinate until October 16. 🙂
- Late filing penalties are typically more severe than late paying penalties. Get your Form 4868 postmarked by midnight Monday to avoid a late filing penalty!
- Special rules apply if you are living in a combat zone or a qualified hazardous duty area.
Are Your Taxes Filed?
Given rampant tax-related ID theft, I hope you filed your return long ago and so beat the crooks to the punch. But if not and you’ve got better things to do this weekend besides taxes, Form 4868 may be your salvation.
Have you filed? Will you muscle through between now and midnight Monday? Or will you become a 4868-er?