Extension for time to file Individual Taxes

Extension for Time to File Individual Tax Return

If you are unable to file your tax return by April 15, you can file IRS Form 4868 Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.

Current Columbia CPA Group Clients – if we have not prepared your 2009 tax return by the 4/15 due date, we will file the automatic extension for you.  Call our office if you have any questions.

What happens when I file Form 4868?

• Your due date to file your individual tax return is automatically extended to October 15.
• Payment is still due April 15.
  • As long as 90% of your total tax is paid by April 15 (for example, by withholdings on your wages or estimated payments), there is no late-pament penalty.
  • If you think you will owe more than 10% of your tax and wish to avoid the penalty, you can make an estimated payment with the extension form.
  • The late-payment penalty is ½% to 1% per month calculated from April 15.  (Note:  that’s 6%-12% annual rate, less than most credit card interest.)  For more information, go to the IRS web site.
• Other than the possible late-payment penalty, you will not get any reprimands, hand-slaps or black marks from the IRS for filing the automatic extension, as long as you file your tax return by the extension due date of October 15.
• Missouri accepts the Federal Extension.  Include a copy of the IRS form 4868 with your Missouri tax return before October 15.

Disclaimer:  IRS regulations are exceedingly complex.  This information is meant to be helpful, but not complete, and does not replace a professional consultation.  We advise you to exert due diligence to apply the appropriate IRS regulations to your situation.