Extension For Filing Taxes

[jeffrey]

The tax due date is coming down to the wire and you have come to the conclusion that you won't get your taxes done in time. What do you do? If you can't file your taxes on time, you need to fill out Form 4868 or you can call 1-888-796-1074 to file by phone (you must have submitted a tax return in 2003 in order to do this option) by April 15. by filing Form 4868, you'll be given a four month extension to file your taxes by August 15.

While you'll receive an extension to file your taxes, you still need to pay any tax you have due by April 15. If you don't, you'll be subject to late penalties and interest on the unpaid balance.




If you can't pay all the taxes you owe on time, you need to fill out Form 9465 which will allow you to pay the taxes you owe in installments. The IRS will usually rubber stamp any installment plan submitted if the amount owed is under $10,000 and paid within 3 years.

Paying by installments comes at a hefty price, however. There is a $43 setup fee and you will also owe late penalty fees and interest charges on the unpaid balance.