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Can’t I Just File for An Extension?
March 27, 2019   |   Collection, Enrolled Agent, IRS, Tax Due, Tax Forms, Tax Resources

woman setting at computer desk holding her head

I didn’t get all my forms yet.

Couldn’t get the “books” finished

I’ll be out of the country . . .

In many cases, if the 2018 Tax Return can’t be filed by April 15 or tax due date (for individuals), an extension is available.   Filing form 4868 (individual returns) will extend the 2018 Tax filing due date until October 15, 2019.

CAREFUL!!! An Extension only extends the paperwork due date.

Tax payments are still due by April 15 even if the return is “on extension” Also, certain tax deductions and Elections are not available on tax returns filed after the due date (e. g. IRA and SEP Contributions).

BUT I can’t afford to pay in full by April 15.  File anyway. Pay what you can before April 15. Filing by the due date or extended due date prevents the Failure to File Penalty.

If you can pay with in 120 days (or less) call 1800 829 1040  or go online www.irs.gov  to set up a SHORT TERM payment plan with the IRS. NO fee to set up, but interest will accrue until the taxes are paid in full

If more time than 120 days is needed for pay, then file the Tax Return and complete Form 9465 or apply online for an Installment Agreement. There is a set up fee. Repayment time frame is based on amount owed.  Interest will accrue until paid in full.

If there is no way the debt can be repaid (accident, death etc), then talk to a tax pro  (e.g. Enrolled Agent or experienced tax professional) to see if an Offer in Compromise may be appropriate in your situation

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