Tax Panic?

Apr 9, 2013 by

Your U.S. tax return is due by midnight April 15. Have you procrastinated so long that panic is setting in? Are you seriously depressed by the prospect of spending the upcoming spring weekend immersed in receipts, forms, publications, 1099s, and W-2s? Here’s your salvation:

IRS Form 4868

The tax procrastinator’s remedy.

Get an Automatic Filing Deadline Extension by Filing IRS Form 4868 by April 15

File IRS Form 4868 by midnight April 15 to get an automatic 6-month extension of the deadline for filing your full tax return. Then enjoy your summer and file as late as October 15, 2013.

Form 4868 Does NOT Extend the Time to Pay!

Notice Part II of Form 4868: You’ve got to estimate your taxes due and send that amount along with Form 4868 by midnight April 15. So you’ll need either to estimate very high or do enough work on your taxes to make a reasonable estimate of the amount you owe. If you owe tax and file Form 4868 but send no money, you’ll be charged interest and possibly penalties by the IRS.

E-File Available for Form 4868

Just like your regular return, you can send a Form 4868 through the IRS e-file tool, or through the old fashioned postal mail (postmarked by midnight April 15).

What If You Can’t Afford to Pay Your Taxes Due?

Maybe you’ve done your tax return or have done enough to know you’re going to have a big tax bill that you can’t afford to pay right now. If you fail to file only because you don’t have the cash to pay your taxes due, you’ll only compound your challenges. As IRS employee Jody explains in this short video, even if you can’t afford to pay, file anyway, and contact the IRS. You have options!

Are Your Taxes Done?

So:

  1. Like us, are your 2012 taxes put to bed, or
  2. Will you be spending your weekend hunched over IRS forms, or
  3. Will you be filing Monday only Form 4868 to get that juicy extension?
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