As the tax-filing deadline nears, some taxpayers are requesting an extension of time to file. But remember, filing for a tax extension is not an extension of time to pay taxes owed. H&R Block offers a few key tips to help taxpayers minimize the financial impact of filing a tax return after April 15.
Apply for an automatic extension
Taxpayers should apply for an automatic extension by filing Form 4868 with the IRS. This document and its instructions can be accessed by visiting http://www.irs.gov'>irs.gov or calling (800) 829-1040.
File later, pay now
Taxpayers who file an extension have until Oct. 15 to submit a completed tax return. But, they should estimate their tax liabilities and send at least 90 percent of what they owe with the extension by the April 15 filing deadline to avoid failure-to-pay penalties. Interest and penalties will accrue on the unpaid balance.
File even if full payment is not possible
The penalty for failure to file a return or valid extension is 5 percent a month on the unpaid balance, whereas the penalty for failure to pay is only 0.5 percent a month. Taxpayers should file the tax return or extension paperwork even if they cannot pay the tax owed, as this will help minimize their penalties.
Request an installment agreement
Taxpayers ready to file their returns but unable to pay the remaining balance they owe may consider an installment agreement. If $25,000 or less is owed in taxes, interest and penalties, taxpayers may apply for an online payment agreement through irs.gov or by mailing Form 9465 to the IRS. If more than $25,000 is owed in taxes, penalties and interest, taxpayers
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