Tax season is about to come to an end, but not for everyone. Taxpayers are given the option to file a form for an extension. All one has to do is file the Form 4868 through the IRS Free File to get a six month extension until October 15, 2010.
The form can be filled out and submitted electronically and is free to download. Form 4868 can be filled out using purchased software, done by paid preparers, or filled out by the taxpayer. It is also possible to get a paid version of the form on irs.gov if that is preferred.
The deadline for Free File is October 15, 2010. However, one key component of this extension is that it is an extension to file taxes, not an extension to pay. When one is requesting an extension, one must estimate the tax liability as well as pay any balance that is due. However, installment plans are an option.
Using last year’s total number of extensions as a ballpark, the IRS has predicted the number of extension requests for this year to be around 10 million. Some people, such as those recently effected by a natural disaster, get an automatic extension. For links to the forms you can visit: http://www.irs.gov/newsroom/article/0,,id=221035,00.html?portlet=7