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WASHINGTON — The Internal Revenue Service today reminded anyone unable to meet next week's tax deadline that they can easily get an automatic six-month tax-filing extension. And, the easiest and quickest way to get an extension is online through the Free File link on IRS.gov.
In a matter of minutes, anyone, regardless of income, can use this free service to electronically request an automatic extension on Form 4868. Filing this form gives taxpayers until Oct. 15 to file a return. This is an extension of time to file; not an extension of time to pay.
To get the extra time, taxpayers must estimate their tax liability on this form and should also pay any amount due. Taxpayers can e-pay what they owe using the Electronic Federal Tax Payment System (EFTPS), by electronic funds withdrawal or with a credit or debit card. Those who choose to pay by check or money order should make the payment out to the "United States Treasury."
By properly filing Form 4868, a taxpayer will avoid the late-filing penalty, normally five percent per month based on the unpaid balance, that applies to returns filed after the deadline. In addition, any payment made with an extension request will reduce or eliminate interest and late-payment penalties that apply to payments made after April 17. The current interest rate is three percent per year, compounded daily, and the late-payment penalty is normally 0.5 percent per month.
Besides Free File, taxpayers can choose to request an extension through a paid tax preparer, using tax-preparation software or by filing a paper Form 4868, available on IRS.gov. Of the 10.5 million extension forms received by the IRS last year, about 4 million were filed electronically.
Some taxpayers get more time to file without having to ask for it:
Details on all filing and payment options are on IRS.gov.
It's free to prepare, print and e-file extensions to file your federal and state returns with TaxACT Free Federal Edition. If you need to calculate and pay your federal taxes, TaxACT Free Edition will help you with that as well. Start now.
September 1 (Everyone)
Federal Holiday (Labor Day) - Details
September 10 (Employees who work for tips)
If you received $20 or more in tips during August, report them to your employer - Details
September 15 (Individuals)
Make a payment of your 2014 estimated tax if you are not paying your income tax for the year through withholding (or will not pay in enough tax that way). Use Form 1040-ES. This is the third installment - Details
September 15 (Corporations)
File a 2013 calendar year income tax return (Form 1120) and pay any tax, interest, and penalties due. This due date applies only if you timely requested an automatic 6-month extension - Details
September 15 (S Corporations)
File a 2013 calendar year income tax return (Form 1120S) and pay any tax due. This due date applies only if you timely requested an automatic 6-month extension - Details
September 15 (Partnerships)
File a 2013 calendar year return (Form 1065). This due date applies only if you were given an additional 5-month extension - Details
September 15 (Corporations)
Deposit the third installment of estimated income tax for 2014 - Details