July 13, 2007, Newsletter Issue #73: IRS Extension

Tip of the Week

Whenever you find that you cannot file your tax return by the due date, you may apply for an extension from the IRS. You must apply for this extension by the due date of your tax return, however. For the tax year 2006, the deadline for requesting an extension is April 16, 2007. It must be noted, also, that an extension of time to file your tax return is not an extension of time to pay your taxes due. It simply is an extension to file your tax return. You must include an estimated tax payment when applying for the extension.

Use IRS tax Form 4868 to request the extension. Send this form to the mailing address (IRS office) where you send your tax return. Form 4868 will result in you receiving an automatic six-month extension to file your 2006 tax return. It must be filed by April 16, 2007. By getting this extension, you will have until October 15, 2007 to file your tax return.

You also may file for an extension electronically. Here, you would use a credit card for payment. By filing electronically, and paying by credit card, you would not have to file Form 4868. Still keep a hard copy of Form 4868 for your records. It also contains more information regarding how to make these payments and what service providers to contact.

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