Dollars & Sense
Tax Tip: What if I can't file on time?
If you are not going to be able to gather your information in time to have your taxes filed by April 15, 2009, you may choose to file an Application for Automatic Extension of Time, Form 4868, which will extend the time you have to file your return until October 15, 2009. By filing the extension, you will eliminate a late filing penalty. However, an extension is not an extension of time to pay taxes due. So if you are going to owe taxes, you should send in the money along with your extension so you can avoid or reduce underpayment penalties.
If your return is completed, file it even if you are unable to pay the tax due. The IRS will bill you or set up your own payment plan by filing Form 9465.
This article has been presented by PBS Tax & Bookkeeping Service, a company which has been providing income tax and bookkeeping services to the trucking industry for over a quarter century. If you would like further information, please contact us at 800-697-5153. Visit our Web Site at www.pbstax.com .
“Everyone’s financial situation is different. This article does not give and is not intended to give specific accounting and/or tax advice. Please consult with your own tax or accounting professional.”