Income Tax Extension Form for 2011, 2012
60Do You Need To File An Income Tax Extension Form?
If you have not filed your federal income tax return form yet and you need additional time, you may apply for an automatic extension.
This extension would give you until October to complete your return. In order to apply for this extension you will need to file tax Form 2688.
What If I am Getting an Income Tax Refund?
If you are planning on receiving a refund this year but need an extension, then the same rules apply. There will be no fee for the extension and you will receive your refund just at a later date.
What If I Owe Money?
The same does not apply if you owe the IRS money. This money is due from the tax due date and not from the extension date. You will be assessed a late charge and possibly some interest charges on your taxes due.
If you find that on April 17th you are prepared to send in your return but you do not have enough to pay all of your taxes, then send it in anyway. The IRS usually allows a payment plan option if you cannot afford it all at once.
If you would like to request an installment plan then you will need to file tax Form 9465. The IRS will then send you a letter letting you know if you are eligible or not. There will be a small installment plan fee associated with this option.
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