There are just about 2 weeks left to get your 2009 taxes done. If you are one the millions of taxpayers who are procrastinating, like me and the residents of Houston (who topped this year’s list of the Top 10 Tax Procrastinating Cities), don’t worry. According to the IRS, about 20% of taxpayers wait until the last 2 weeks to file (that’s tomorrow!) and 10 million will file for an extension.
Don’t panic though. If you just can’t make that deadline, or the dog ate your W-2, you can file an Extention (form 4868), which gives you another 6-months, until October 15th, to file your taxes. You don’t even need to provide an explanation, so there’s no need to blame poor Fido.
So here’s what you need to know:
- Go online. If you haven’t started your taxes yet you can file an extension online with TurboTax Easy Extension for $9.95. You can also file a business extension for $19.95
- Print and mail. Taxpayers looking to file an extension for free can go to IRS.gov and print out and mail in the necessary forms.
The big benefit of filing online is the ability to e-file, which gives you confirmation that the IRS has accepted your extension and allows you make any payments due easily online.
Sorry…if you owe, you still need to pay. Remember that while an extension does give you until October 15, 2010 to file your taxes, it is not an extension to pay if you owe taxes. You must make any payments due by the April 15th deadline or the IRS will charge interest and penalties for late payments.