Monday, April 14, 2014

Need More Time? File for an Extension -- Deadline is October 15



Need More Time? File for an Extension  -- Deadline is October 15

 
Tax returns are due TOMORROW!

Do you need more time to get your stuff together?  If that’s the case, you can request an automatic six-month extension. This year’s extension due date will be October 15. Go to www.irs.gov and find Form 4868, “Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.” It’s a very short form -- only a third of a page. On the left side, you identify yourself and on the right side, you provide an estimate of how much, if anything, you’ll owe when you do file your return. You can file your Form 4868 electronically or on paper. Follow the instructions.

• If you send a payment with Form 4868, you should include that amount on Line 68 when you eventually file your return.

• If you miss the April 15 deadline without applying for an extension (or miss the October extension deadline), there will be penalties, which can be stiff. However, if you can show “reasonable cause” for your failure to file on time, such as serious illness, natural disaster, and the like, the IRS will consider those reasons and may waive the penalty.

This is very important: the extension gives you more time to file your return, but any taxes you owe are still due by April 15! If you delay paying your taxes, you’ll owe interest and may be charged a penalty.

The Actor’s Tax Guide offers last-minute help.  Go to www.ActorsTaxGuide.com.

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