Income tax forms and payment are due AGAIN. Don’t sweat it, file IRS Form 4868 today!
Remember this is an Automatic 6 month Extension Request for time to file IRS Form 1040 only.
It is not an extension of time to pay your federal and (where applicable) state income taxes. You are always best served estimating your tax liability and paying that liability in full to the US Treasury as well as with most all states on or before April 15th. If you cannot pay what you estimate you owe, STILL FILE IRS FORM 4868 to secure your automatic extension request.
The late file penalty as per 26 U.S. Code § 6651 – Failure to file tax return or to pay tax is systematically egregious. Read it for yourself:
“there shall be added to the amount required to be shown as tax on such return 5 percent of the amount of such tax if the failure is for not more than 1 month, with an additional 5 percent for each additional month or fraction thereof during which such failure continues, not exceeding 25 percent in the aggregate”
Trust me, it adds up quick. Timing is PROFOUNDLY SIGNIFICANT.
Resist the urge to bury your head in the sand! Do it today! Post marked no later than April 15th.
Original Post By: John Dundon