Important Last Minute Income Tax Information as April 15 Approaches

“As the weather starts warming up, it’s important to remember that April 15, the deadline for filing your income tax is right around the corner. Filing your return can be an arduous and complicated process, especially if you, like so many Americans, wait until the last week to file. Here are a few answers to questions that often come up this time of year:

Or file electronically at www.irs.gov, click on the e-file logo. Returns filed electronically will usually result in receiving your refund more quickly than filing via regular mail.

Can I obtain an extension if I am unable to file my return on time?

If you can’t meet the April 15 deadline to file your return, you can get an automatic four-month extension from the IRS. However, you will have to pay interest on any amounts owed and not paid by the April 15 deadline if you file for an extension. Plus you may have to pay a late payment penalty if less than 90% of your total tax isn’t paid by April 15.

To get the automatic extension, file form 4868 by April 15.

What should I do if I owe tax and can’t pay?

If you cannot pay your entire amount owed by April 15, pay as much as you can and apply for installment payment plan. Form 9465 should be attached to the front of your tax return. The IRS will not turn down your request if the amount you owe is less than $10,000 and other conditions explained on the form apply. Generally, a taxpayer can be allowed up to 60 months to pay. Include the amount of your proposed monthly payment on the form.

The IRS charges a $43 fee to set up an installment plan and taxpayers are required to pay interest on the unpaid balance. Remember, paying as much as possible when the return is filed will reduce penalty and interest charges.

To obtain a copy of Form 4868 or any other IRS form, visit www.irs.gov or call 1-800-829-3676 (1-800-TAX-FORM).

Where do I send my return?

Taxpayers in the State of New York should send their returns to the following address with the appropriate zip code extension: