Depending on your situation you may feel the light at the end of the tunnel is either the end or a train. (Or if you used to watch The A-Team, you’re hoping it’s really just Murdock on a bike with a spotlight and a tape of train sounds.) Fortunately, for those of us who aren’t quite ready to file, the IRS has provided us with an extension.
This year, as always, you must pay by April 17th if you owe. Otherwise you will have to pay interest and penalties. (Haven’t they got enough already?) New this year is that the automatic extension goes all the way to October 16th. You may remember that in previous years the first extension only went to mid August and then you needed approval to extend to October.
Filling out Form 4868 is quite simple.
You can access it and full instructions at the IRS website: http://www.irs.gov/pub/irs-pdf/f4868.pdf
If you have started your taxes in TurboTax, you can start your extension in the Miscellaneous section under the Federal Taxes tab. Most of what you need will be filled in by the program before you even need to answer a question.
If you haven’t even started, but have the desktop program, there is a link at the bottom of the main screen that will walk you through filling out the form.
If you don’t want to mail a check in with your extension, the IRS lists two companies who will handle your payment via credit card in exchange for a fee:
If you are already enrolled, you may also use www.eftps.gov to have the amount debited from your bank account.
This will give you that extra time to sort out whatever it is that is delaying your return. If you are stuck on something, check our Forums to see if there is an answer for you.