While taxpayers all received a little more time to file and pay income taxes this year, with April 17th being the deadline this year, some still need more time to file. For those who still need more time to get your financial ducks in a row, filing for a tax extension is a very simple process, but be advised that you still have to pay any income tax due by the April 17 tax deadline.
By definition the filing a tax extension gives an individual additional time to file their 2011 income tax with the IRS. Many Americans, especially those who owe additional taxes, wrongly believe that the tax extension also gives them more time to pay income taxes due.
In order to avoid late penalties as well as interest charges from the IRS, an individual filing for a tax extension is still required to pay taxes with about a 90 percent degree of accuracy by the deadline according to tax experts at TurboTax.com.
If you are wondering what to do if you owe taxes and are not able to pay them in full, the experts have some advice for you. If you owe money to the IRS and are unable to pay, continue to file your taxes on time. Then pay as much as you can when you file your tax return. You can then apply online for an online payment agreement with the IRS or send an Installment Agreement Request in with your tax return for the balance.
If you have waited until the last minute, it is likely too late to get you taxes in by a tax professional at this time, however online tax filing services like TurboTax.com are designed to walk you quickly, step-by-step, through the process and then file online before the deadline.
Filing a tax extension will give you will get an extra 6 months to get your taxes filed. If you are one of thousands who simply procrastinated too long, but do not believe that you will owe any taxes, this option is for you. If you’re not sure how to file for an extension, once again an online service like TurboTax.com, as well as the IRS.gov web site can provide you with the single form which you need to file for the extension.
The fact if that, you can file a tax extension for free online in minutes with TurboTax Easy Tax Extension according to the company.
Source: intuit turbotax
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