Tax returns are due today. You must get your tax return and tax payment postmarked by today. Unlike previous years post offices are not open late today. So, get to the post office on time. Most post offices will close at standard 5:00 closing time.
If you are not ready to file then make sure to file an extension for your tax return. Filing extension will buy you additional time to file the tax return but it won’t buy you time to pay your taxes. It is a good idea to make an estimated tax payment if you feel you will end up owing taxing. If you end up owing taxes when you file tax returns, you will have to pay penalty and interest.
You can file for the extension by visiting the IRS site here. You can file form 4868 to get an automated 6 months extension.
Here is some important pointer you should consider if you are thinking about filing late:
1. File on time even if you can’t pay: Some customers don’t file tax returns because they don’t have enough money to pay for taxes. This is not good. You should go ahead and file the taxes. There is no reason to request an extension. Pay as much as you. IRS will send you the bill or notice of balance due. You can also apply for a payment agreement by calling the IRS at 1-800-829-1040. You can also apply for a payment agreement online from the IRS website.
2. Extra time to file An extension will give you extra time to get your paperwork to the IRS, but it does not extend the time you have to pay any tax due. You will owe interest on any amount not paid by the April 18 deadline, plus you may owe penalties.
3. Form to file As stated earlier, if you do not an extension than make to file by submitting Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, to the IRS by April 18, 2011. You can also make an extension-related electronic credit card payment.
4. E-file extension You can also get an e-file for an extension. You can go to your CPA or using one of the tax software. Don’t worry IRS will acknowledge receipt of the extension request if you file by computer.
5. Traditional Free File and Free File Fillable Forms Filing for an extension is Free.
6. Electronic funds withdrawal While you are filing for an extension, you can also request for electronic funds withdrawal.
Have a question about filing your taxes ? Give us a call at 510-825-7563 or leave us a comment below.