Need More Time? How to File an Extension on Your Taxes

The form is as easy as 1-2-3

tax filing

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So you’re trying to get your spring cleaning tasks complete while catching up on the Walking Dead, Game of Thrones, Mad Men and the NCAA Tournament. Things have been crazy at work and you’re trying to balance time with family and friends. And then there’s the matter of your summer body.

You’ve had zero time to do your taxes.

Well, not to worry, to request an extension, taxpayers can download IRS Form 4868, Automatic Extension of Time to File U.S. Income Tax Return. The IRS typically grants an automatic extension of six months, as long as the extension request is made by April 16.

Even better, the form is relatively painless and should take you no more than five minutes. Late payments, however, can be a pain. Penalties of up to 25 percent could accompany your repayment amount if you owe. Late returns of 60 days or more, can carry a minimum penalty of $135.

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