I'm a horrible procrastinator. As such, I'll be filing an extension this year for my individual income tax return and a pass-through entity income tax return for a partnership I'm involved in.
Since I'm expecting a refund this year (I claimed more withholding exemptions for 2005 than I did for 2004, but still not enough, apparently ;)) I can send in the extension and be done with it for a while. For those who owe money to the IRS, though, the clock is still ticking, as an extension to file is not an extension to pay.
Some additional tips for filing extensions are in this article at the H&R Block National Tax Advice Day website:
What to know about extension filing
- Notify the IRS. Via Form 4868. If you haven't started your tax return, start pronto — you need to estimate how much you owe!
- File later, pay now. An extension to file is not an extension to pay. You still owe your taxes by April 17th or 18th.
- Use your credit card. You may have to pay a convenience fee, though.
I'm using H&R Block TaxCut this year for my individual return. So far, so good!
For more information about income tax filing extensions, visit the article on the H&R Block National Tax Advice Day website!
Doh! I just posted about this myself. Great minds think alike!
If you're 100% sure you're getting a refund, you actually don't need to file an extension, as there are no penalties for late filers if you have no tax liability.
Hmmmm … that looks like it's true, Jonathan, after delving in the 1040 Instructions (page 64).
I don't want any black marks at the IRS, though 😉 It's certainly the safer option to file the 4868.