Dollars & Sense

Tax Tips: What if I can't file on time?

If you are not able to file your tax return by April 18, 2011, 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 17, 2011.  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. 

If your return is completed, file it even if you are unable to pay the tax due. The IRS will bill you. You can also set up your own payment plan by filing Form 9465.

Note: Even if you set up a payment plan the IRS may still file a federal tax lien until you make a final payment.