I probably don’t have to remind you, but today is the last day to timely file most tax returns. There are exceptions to this rule, however, which I will list at the end of this post. At this point if you don’t have everything ready to go , do yourself a favor and file Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return). If you need more time to file your trust or partnership return, use Form 7004 to receive an automatic 5 month extension.
Please keep in mind that this is an extension of the date to file your return for six months – it does not give you an extension to pay your taxes, which are still due today!
You are not required to give a reason as to why your are filing the extension. If you do not pay the amount you owe by your regular due date, you will owe interest and you may be charged the late payment penalty. You may ask why you should bother filing the extension if you will still owe interest and penalties? The answer is simple: you could be charged the “Failure to File” penalty if you do not either file your return or an extension by your due date.
The failure-to-file penalty is generally more than the failure-to-pay penalty. So if you cannot pay all the taxes you owe, you should still file your tax return on time and pay as much as you can, then explore other payment options. The IRS will work with you.The penalty for filing late is usually 5 percent of the unpaid taxes for each month or part of a month that a return is late. This penalty will not exceed 25 percent of your unpaid taxes.
Here are the three ways you can request the automatic extension of time to file U.S. Individual Income Tax Return (Form 4868):
1. You can file Form 4868 and pay all or part of your estimated income tax due using the Electronic Federal Tax Payment System (EFTPS) or by using a credit or debit card.
2. You can file Form 4868 electronically by accessing IRS e-file using your home computer or by using a tax professional who uses e-file.
3. You can file a paper Form 4868.
Below is a list of due dates for various types of returns for tax year 2013:
- March 17th, 2014- deadline for corporate returns- Form 1120 and 1120S.
- April 15th, 2014 – deadline to file individual tax returns (Forms 1040, 1040A, or 1040EZ)
- April 15th, 2014 – deadline to file partnership tax returns – Form 1065
- April 15th, 2014 – deadline to file estate income tax or trust income tax returns – Form 1041
- May 15th, 2014 – deadline to file non-profit organization returns – Form 990 (request for extension if file on Form 8868)
- June 16th, 2014 – deadline for US citizens living abroad to file individual tax returns and pay any tax due.
- June 30th, 2014 – deadline to file Foreign Bank Account Report. There is a new form number: FinCEN Form 114).