April 15 is looming ahead and you are not ready to file your taxes. Have no fear file a federal tax extension form and be saved from Uncle Sam's wrath.
The IRS gives the opportunity for filers who are not ready to file on April 15 to apply for an automatic extension to file their tax return. Once the extension is filed the taxpayer has an additional 6 months to file the tax return without getting a failure to file penalty.
The extension does not extend the time to pay your taxes. All taxes for 2012 must be paid on April 15, 2013.
If you file for a federal tax extension form you should estimate the amount of taxes that you will owe and send in that amount (or more to be on the safe side) with your extension.
What if you cannot pay your taxes due when you file your extension? Should you still file for an extension?
Definitely! This will still save you the failure to file penalty which is the heftiest penalty. Unfortunately you will still have to pay the failure to pay penalty plus interest.
Are you due a refund? The tax deadline is only for taxpayers who owe taxes. Tax return claims for refund can be filed up to three years after the due date. (2009 claims for refunds are due this year).
If you are unsure if you will need to pay or get a refund be on the safe side and file for an extension today.
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