Taxation & Estate Planning

RETURN EXTENSIONS CAN BE FILED ELECTRONICALLY

By Charles Rubin

Federal income tax returns are due for most individuals this April 15th. Taxpayers who cannot complete their return by then can file for an automatic 6 month extension for filing.

Historically, taxpayers (or their return preparers) prepared a Form 4868 to obtain the extension. The IRS is reminding taxpayers that they can also file the extension request electronically using the IRS? FreeFile online system.

Remember, that an extension to file is not the same as an extension to pay. A payment adequate to meet the tax that is ultimately determined to be due must be paid by April 15 to avoid penalties, or a separate extension to be pay must be applied for and granted by the IRS. Those who owe taxes can make a payment when they file the extension either by mailing a check or by several electronic payment methods, such as electronic funds withdrawals from bank accounts and credit card payments

Full post as published by Rubin on Tax on April 09, 2009 (boomark / email).