How To File An Extension on Your Taxes

Arrrgggg! The tax deadline is Monday, April 18th. I’m doooooomed! If you are feeling this way, don’t stress. Here’s how to file an extension on your taxes with a minimum of fuss. 

Your tax return and taxes are due on Monday, April 18th this year. Why not the 15th this year? Don’t ask questions! Stare straight ahead, prepare your extension request and file it. This is to your benefit. Instead of panicking and driving around looking for the right form like a chicken with your head cut off on Friday…you can do it on Monday!

No, seriously it isn’t that big of a deal. You can file for an extension on Monday by sending in the form as though you were filing your tax return. So long is it is stamped by the post office by the end of the day, you are good to go. Even better, you will automatically be given a six month extension. The IRS is not like Santa. Whether you were good or bad doesn’t matter. File it and you have till October to get the return in. 

Now, you will note in the second paragraph above that I mentioned the tax return and taxes as two distinct things. The IRS is more than happy to give out extensions on the returns. Hey, we are all just friends here. What’s a small delay on a piece of paper after all. Take you time. Hey, take six months to get it to us. 

Alas, the agency doesn’t have the same friendly attitude regarding the actual payment of the taxes due. Like a good loan shark, they want the money and they want it now. Not a minute late you lowly tax payer. It had better be in the mail by the end of the day on Monday or they will start applying beatings. Of course, the beatings in this case come in the form of penalties and interest. In short, send in what you think you will owe or be prepared to pay more than that when you finally do pay. 

So, how do you actually file the physical extension? The magic form is 4868. You can download and fill it out right off the excellent IRS website. Well, excellent if you like reading about tax and accounting issues. Not so excellent if you are into something like the Stanley Cup Playoffs [Go Kings! Ah, we’re gunna get killed.], but I digress.

Form 4868 is very basic. It is a quarter of a page. You’ll need your name, address and social security number. You will also need to estimate your tax liability for the year, indicate how much of this you have paid and then send a check in for the difference. That is it. See, stress free. Now you should keep in mind that the IRS only hands this out once. If you need another extension in October because, well, you enjoyed the summer, you better be able to come up with a good excuse. If not, the agency may really show up with some bats!