Tax 2004: Can You NOT Do It By Midnight Tomorrow?
To help people finish tax filing in time, the Internal Revenue Service
joined forces with H&R Block, Turbo tax and other private companies to
offer free online tax preparation and e-filing, which has contributed to
huge jumps in electronic filing to some 61 million taxpayers last year.
These utilize simple software packages that walk taxpayers throught the
process.
If worse comes to worse and you can't can't really finish the job by 11:59
p.m. on April 15, you know that you can file for an extension. To do that
by computer, access form 4868 online from IRS Website and e-file it.
Anyone who filed a return last year can use the form as a worksheet and
may also request the extension by phone toll-free at 1-888-796-1074.
The IRS expects about nine million taxpayers to file for an extension.
The tax agency automatically grants one extension for four months to any
taxpayer who asks. It's not a free lunch though. More time to file doesn't
give a person more time to pay. Whether requesting an extension
electronically or on paper, a taxpayer must estimate the total tax liability.
If the IRS later finds this estimate to be unreasonable, the extension will
be considered null.
If you're supposed to get a refund, the IRS gets to keep your money until
you file. If you owe taxes, better estimate the amount and send a check
off to the IRS. Otherwise you'll be liable for late-payment penalties. To
avoid interest and penalties, make a tax payment by check, credit card or
direct withdrawal from your checking account.
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