04.14.2009
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| Today’s tax tip: What if I can’t file on time?
Today’s tax tip: What if I can’t file on time?
Quote:
Twice weekly on Tuesday and Friday from now until April 15, we will bring you tax tips from PBS Tax and Bookkeeping Service. Howard Abrams and PBS have been providing income tax and bookkeeping services to the trucking industry for more than 25 years. OOIDA features Howard’s column, “Tax Tips,” in each issue of Land Line Magazine.
Today’s tax tip is: 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 you can set up your own payment plan by filing Form 9465.
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