Are you running behind on filing your taxes and afraid you will not be able to make the dead line? Don’t worry… I have two pieces of good news for you.
Tax extension info for tax year 2011
The first bit of good news is that the tax deadline for 2011 returns has been moved from the traditional date of April 16th to an extended deadline of April 17th – giving you an extra day to get your taxes done. If you haven’t filed yet, I recommend using TurboTax Online – I’ve been using it for years and love it. Read my TurboTax Review and don’t forget to check out the 10 most commonly missed tax deductions.
The second bit of good news is that you can easily file tax extensions for free and push your filing deadline back from April 17th, 2012 to October 15th, 2012 giving you an extra 6 months to file!
How to file a tax extension
I recommend one of several ways to file your tax extension.
- If you use TurboTax, you can file your tax extension using their online software.
- Download IRS form 4868 and mail it in
- E-file form 4868 using one of the IRS FreeFile companies.
- E-file form 4868 yourself using FreeFile Fillable Forms.
Don’t forget that you still have to pay at least 90% of your actual tax liability by April 17th, 2012 to avoid a late payment penalty. If you don’t know how much you owe then you can estimate, but if you estimate low you may be hit with the penalty, so I strongly advise taking the time to get solid estimate and send it in with your form 4868.
Lastly, be sure to file your request for an automatic extension by the April 17th, 2012 deadline to be eligible – and pay any total tax due by October 15, 2012 to avoid late payment penalties.
I may file an extension this year
Normally I file my tax return in the beginning of February, but for whatever reason have put it off until the last minute this year. Last night I logged into my TurboTax Online and completed about 80% of my return so I should get it done in time for the April 17th deadline, but if I don’t I’ll simply file an extension and use the extra 6 months.
Are you going to file an extension this year?