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Get an extension on your taxes with Form 4868

As of this writing, the date is March 24. Soon the weeks will pass and it will be April 15 before we know it. But right now, as of this second that we are typing, it is March 24. There are probably plenty of people sitting at their desks, or in their office, or on their couch, just thinking to themselves “I’ve got plenty of time to fill out those tax forms.”

And then those days will pass. Those weeks will disappear. And April 15 will be upon them, and they will start to panic. What options do they have? What can they do to avoid the wrath of the IRS? Request an automatic extension to file your IRS income tax returns with IRS form 4868.  You will still need to pay 90% of any taxes you estimate to be due by April 15th (or additional penalties and interest will apply).

Requesting an extension may actually reduce your risk for an IRS audit.  If you have questions about a complex tax return, foreign bank accounting or other taxation issues contact us at 866-631-3470.

There are a couple of things to realize at this juncture. The first is that many people either fail to file or forget to file their taxes on time. Many people handle this the best they can, paying the IRS what they owe in taxes and penalties. There are many other people though who choose another option which is also perfectly viable, and this is the second important reminder: Form 4868.

This form grants the taxpayer a six-month extension on their taxes. However, you have to file Form 4868 by April 15. This is an important distinction. Just because you are late on your taxes doesn’t mean you can file Form 4868 and obtain an extension. You have to get Form 4868 in on time, and there could be special circumstances depending on the situation of the taxpayer (i.e. they live outside of the country).

Source: IRS, “Extension of Time To File Your Tax Return,” Accessed March 23, 2015