Need to File Taxes Late? How to Avoid Penalties - WTVM.com-Columbus, GA News Weather & Sports

Need to File Taxes Late? How to Avoid Penalties

 NATIONAL - In the event that you're not able to file your income tax return by April 15th, both the IRS and states allow you to extend your filing deadline by six months. Don't be fooled however - an extension to file is not an extension to pay. Penalties, including fines and interest, may be assessed for a payment made after April 15th.

To request an extension to file, submit Form 4868 to the IRS by April 15, 2009. Locate the following information before filling out Form 4868:

    • A copy of your 2007 tax return
    • How much money you have already paid in taxes for 2008
    • Your 2008 tax liability
    • Your bank account and routing number (if you owe taxes)

If your return is completed but you are unable to pay the full amount of tax due, do not request an extension. File your return on time and pay as much as you can. The IRS will send you a bill or notice for the balance due. The IRS offers taxpayers who owe less than $25,000 to apply on line for an installment payment plan or you can file IRS Form 9465 with your return.

For more information on filing an extension on your tax return, visit www.IRS.gov.

Sign up for the monthly 360 Newsletter for timely, in-depth information on managing your finances.

Courtesy: feedthepig.org

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