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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.
January 1 — Everyone
Federal Holiday (New Year's Day) - Details
January 12 — Employees who work for tips
If you received $20 or more in tips during December, report them to your employer - Details
January 12 — Communications and air transportation taxes under the alternative method.
Deposit the tax included in amounts billed or tickets sold during the first 15 days of December 2014.
January 14 — Regular method taxes
Deposit the tax for the last 16 days of December 2014.
January 15 — Individuals
Make a payment of your estimated tax for 2014 if you did not pay your income tax for the year through withholding (or did not pay in enough tax that way). Use Form 1040-ES - Details
January 15 — Farmers & fishermen
Pay your estimated tax for 2014 using Form 1040-ES - Details
January 15 — Social security, Medicare, and withheld income tax
If the monthly deposit rule applies, deposit the tax for payments in December 2014
January 15 — Nonpayroll withholding. January 20 — Everyone January 27 — Communications and air transportation taxes under the alternative method. January 29 — Regular method taxes
If the monthly deposit rule applies, deposit the tax for payments in December 2014.
Federal Holiday (Birthday of Martin Luther King, Jr./Inauguration Day) - Details
Deposit the tax included in amounts billed or tickets sold during the last 16 days of December 2014.
Deposit the tax for the first 15 days of January.
January 20 — Everyone
January 27 — Communications and air transportation taxes under the alternative method.
January 29 — Regular method taxes