Video: What Are Tax Extensions?
Note: The content of this video applies only to taxes prepared for 2010. It is included here for reference only.
Hello, I'm Jeremy from TurboTax with some important information for taxpayers who need a little extra time filing their tax return.
There may be a tax year when you can't just get that return finish by April 15th (April 18 for 2010). Luckily, the IRS offers automatic extensions of time to file all types of tax returns. For most personal returns, the filing deadline for tax extensions is April 15 of each year (April 18 for 2010).
However, by filling out form 4868 and mailing it to the IRS by April 15th (April 18 for 2010), you can get an extra six months to file your tax return without incurring penalties. It is important you don't confuse an extension of time to file with an extension of time to pay your taxes. If you know that you'll owe tax, you should still send the payment to the IRS with your form 4868; otherwise, you may end up paying late payment penalties.
The IRS gives businesses, estates and trust extra time to get their tax returns filed as well. If you're responsible for filing a partnership, estate or trust tax return, a six-month tax extension is available if you submit form 7004 by the original due date of the return.
All other types of businesses such as a corporation are eligible for a five-month tax extension. Just like with your own tax return, this is not an extension of time to pay. Interest and penalties will apply if you do not pay the taxes in full by the original filing deadline. For more information about income taxes, visit TurboTax.com.
File an extension and pay any income tax due by April 18, 2010 using our TurboTax Easy Extension web service. With TurboTax Easy Extension, you can:
- Efile your federal extension
- Make a payment of tax due, right from your checking or savings account
- Print a PDF copy of the extension you efiled
- Log into your Easy Extension account to see when your extension has been accepted by the IRS
- Access the forms you need to file a state extension by mail.
