Buy Yourself Some Time for Taxes with Form 4868
The clock is ticking…you’ve got one month left….are you gonna make it?
If you already know that you won’t be able to file your Individual Tax Return on time, consider filing Form 4868 to receive an automatic six month extension. Getting an extension means that your return will now be due on October 15, 2015.
By filing Form 4868, you can avoid paying late-filing penalties on returns filed after the deadline, which are normally five percent per month based on the unpaid balance. Form 4868 is easy to complete will save you a lot of grief down the road. For more on how to fill it out check out the following video.
It is important to keep in mind that for some of you, the most important deadline is not April 15th . You may automatically get more time to file taxes if you are:
• living outside the United States,
• out of the country when your 6-month extension expires, or
• serving in a combat zone or a qualified hazardous duty area.
For more information, click here to see the IRS page on tax extensions.