Self Made: NASE's Blog

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Yes, it's April 15th, but don't panic!

Apr 15, 2013
Posted by Keith Hall (NASE Tax Expert) - Well, it's here. April 15th and the tax return is due today. My guess is that a bunch of us have not completed all of the detail that we had hoped to and now we're not sure what to do. First, don't panic!

If you need more time to complete your tax return, the IRS will automatically grant you an additional six months to file the return by simply asking them. If you need more time, simply complete IRS Form 4868, Application for Automatic Extension of Time to File US Individual Income Tax Return and make sure you postmark the envelope by midnight tonight, April 15th.

Keep in mind that the extension is an extension to file the return and not an extension of time to pay any tax that you might owe Uncle Sam. So if you think your final return will include a balance due, then take a few minutes to make a good guess of what you owe and send that money with the extension. I know that seems silly in that if you knew how much you were gonna owe then you could just file the return, but maybe you are missing a K-1 or you're just not sure about one particular deduction, or maybe you just don't have the time to finish the last few forms. But regardless, just make a good guess. If you can send that money with the extension then you can minimize any potential late payment penalties and interest once you do get the return filed.
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