Deadline to file 2009 extension is April 15
Pretty much everyone knows the deadline for filing 2009 tax returns is April 15, 2010. However, if you’re not ready to pay that tax bill yet, you can file for an extension. Filing an extension gives you until October 15, 2010 to file your tax return. This does not, however, alleviate your responsibility for paying your taxes on time.
IRS Form 4868 gives an automatic extension for filing your taxes if you submit the form by April 15. This extension is for filing the return only. If you anticipate owing money to the IRS you must still pay what you owe by the regular filing due date. You should submit your anticipated payment for tax at the same time you file for the extension.
You can estimate the amount of taxes you owe by using any of the online tax estimator programs. This will help you quickly determine what you owe. You can also do a rough draft of your taxes by using an online tax provider. Most programs will show you your estimated taxes as you work through the steps so if you don’t have time to completely finish them, you’ll at least have a good idea of what you owe.
If you don’t make a payment for taxes you think you may owe you will be liable for any penalties and interest that accrue until you make the payment. The penalty for not filing is 5% per month up to a maximum penalty of 25% of the balance due. The failure to pay penalty is 0.5% per month, plus a monthly interest charge. You are much better off paying an estimated tax and filing an extension than not filing anything at all.
If you can’t send a check with your extension you can pay using a credit card through any of the IRS approved electronic payment methods. These methods include using your credit card over the phone or by using the Electronic Federal Tax Payment System over the internet. Check the IRS electronic payment options page for details.
Once you’ve filed your extension, the easiest way to file your taxes is through an e-file provider. Online providers will walk you through your tax forms to be sure you’re getting all the credits and deductions you are eligible for. There are many tax changes each year and it’s easy to miss some. The more deductions you qualify for the lower your tax bill will be.
If you find additional deductions and credits through your e-file provider you may find you overpaid your taxes when you filed for your extension. The IRS will automatically send you a refund of the overpayment once they’ve processed your return.