The Common Law

I've heard that I can ask the IRS for an extension if I can't submit my tax return by April 15th. Is that right?

Need more time to put together all the paperwork necessary to submit your federal 2004 tax return? If yes, you may still be in luck. The IRS allows people who filed a 2003 tax return to ask for an extension of time in order to file their 2004 tax return.

One option is to consider submitting Form 4868, which is called the "Application for Automatic Extension of Time to File U.S. Individual Income Tax Return." By submitting a Form 4868, the person may be able to get an automatic four-month extension.

In addition to submitting Form 4868, someone who filed a tax return last year can also request an extension of time to file via the telephone by calling the IRS directly at 1-888-796-1074. Telephone filers will get a confirmation number at the conclusion of their call telling them that their return or extension request has been accepted.

One important thing to remember is that obtaining an extension of time to file a tax return is not an extension of time to pay. Someone who requests the extension must still make an accurate estimate of their tax for 2004 and send any necessary payment with Form 4868. Someone who cannot pay the full amount due with Form 4868 can still get the extension, although they will owe interest on the unpaid amount.

The Form 4868 must be filed before the normal April 15th deadline. Once the Form 4868 is filed, the person can file the completed tax return any time during the four-month extension period. If someone that qualifies for the four-month extension later finds out that they are not able to file within the four-month extension period, that person may be able to get two more months to file the tax return. A person can apply for an extension beyond the four-month extension by writing a letter to the IRS or by filing Form 2688 ("Application for Additional Extension of Time to File").