It is tax day and across the nation there are a collection of sighs of exhaustion and running around from people who have waited to the last minute to get their taxes done. Well, if you are one of these people, stop running around, get your iPhone, iPad or laptop out and file for an automatic 6 month tax extension.
We will show you how to file a tax extension on your phone and what exactly this means for your taxes. Best of all, you still have time to file for a tax extension.
What is a Tax Extension?
If you aren’t ready to get your taxes done, you can file for a free automatic 6 month tax extension on your phone or computer and move your tax filing date back to October 17th 2011. There are a few catches, like the fact that you need to pay any taxes owed right now, but if you need more time to get your taxes in order, all you have to do is ask.
How to Get a 6 Month Tax Extension On the iPhone & iPad
The app, Taxsoftware.com 4868, is a 99 cent app which allows you to completely file for a tax extension from your iPhone, iPod Touch or iPad.
Filing for an automatic tax extension is easy to do. We showed you how to do this in our Tax tools roundup, but the Taxsoftware.com 4868 app makes it easier than ever to fill out IRS Form 4868 to request an automatic 6 month tax extension.
How to Get a 6 Month Tax Extension (Online)
If you need to get a tax extension and don’t have an iPhone or iPad handy, head over to FileLater, which will help you through the process of figuring out if you owe any money to the IRS and walk you through e-filing for a 6 month tax extension.
The FileLater service is charging you for something you can do on your own with the form provided below, but you may appreciate the help and the ability to e-file for an extension. You also get an IRS confirmation with the FileLater service.
How to get an Automatic 6 Month Tax Extension (Paper)
If you want to do it yourself, just download IRS Form 4868 from the Internal Revenue Service’s website and fill it out. When you are done with this relatively straightforward form, you will need to mail it to the IRS with any taxes you owe. The reason some individuals like the FileLater service is because it helps you figure out if you owe any money this year. If you want to go the DIY route, use the TurboTax Taxcaster tool to figure out if you owe any money this year.
What You Need to Know About Tax Extensions
What is a Tax Extension? A Tax extension gives you an extra 6 months to file your taxes. You can file for one using a variety of methods and the extension is automatically granted without any penalties.
When Is it Due? You must file your tax extension by the end fo today, April 18th.
Do I Still Have to Pay? Yes, you must pay any estimated taxes by April 18th, as if you filed normally.
What about my Refund? If you are getting a refund, filing for an extension will delay your refund until you file, but could help you avoid any penalties for late filing.
Will a tax extension increase my chances of getting Audited? No, we have spoken to numerous tax professionals and the general consensus is that filing for an extension will not make you more likely to get audited.