Get an Extension to File to Avoid Penalties & Interest

Last updated on April 15, 2014

The April 15^th deadline is a few hours away, but there is still time to file taxes or file for an extension to file. Remember that you must get an extension before the midnight of April 15^th because after that the IRS will not accept the request.

Filing for an extension is vital because without it, the IRS will consider the taxes unpaid and will treat it as tax debt. Right after the closing of the tax season, the taxes owed will begin to attract monthly penalty and interest. The longer the tax debt stays unpaid, the more the amount of penalties and interest get accumulated on it. Therefore, even if you fail to pay before the deadline, it is wise to pay the tax debt as early as possible to pay the least in penalties and interest.

To file for an extension, you need to file Form 4868. You can get the form from the IRS website: www.irs.gov. Filing this form will automatically get you a six-month extension to file your tax return. Remember to pay a little more than what you estimate you owe in taxes for 2013. If you pay more, you will receive a refund of the overpaid amount.

If you cannot file your return before Tuesday midnight, file for an extension and pay an estimated tax amount to the IRS. It will save you from penalties, interest and collection actions.