Don’t Stress About Your Taxes, File An Extension

In one of June Walker’s recent tidbits she implores you to not stress out about getting your taxes done, just file an extension.  Then you’ll have until October 15th, 2009 to get them done.

If you do choose to file an extension, you’ll be using Form 4868.  You might want to make a payment for the taxes you estimate to be due; according to the instructions on Form 4868, “Although you are not required to make a payment of the tax you estimate to be due, Form 4868 does not extend the time to pay taxes.  If you do not pay the amount due by the regular due date, you will owe interest. You may also be charged penalties. For more details, see Interest and Late Payment Penalty on this page.” June Walker gives you some tips on figuring out how much you should pay to cover yourself.

Part of me wants to just get our taxes done, but another part of me wants to be sure everything is correct.

Well, I’d better hurry and make up my mind.  The extension needs to be postmarked by April 15th, just like the taxes would need to be. One of my sisters, who usually gets a return of money via earned income credit, told me recently that she never files an extension and the IRS has never cared that she didn’t. I guess you could try that out if you know the government owes you money, but I wouldn’t try that if it is the other way around.

Are you filing an extension? Have you ever filed an extension?

Mrs. Accountability
*Please remember I am not a tax professional. The information in this post is from my own personal experience and based on research for my personal situation.*

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