It’s Tax Day 2019! Need more time to file your 2018 tax return? Read this!

Need more time to prepare your federal tax return?

This post provides information on how to apply for a 6-month extension of time to file (October 15, 2019).

Please be aware that an extension of time to file your return does not grant you any extension of time to pay your taxes.

Late Filing Penalty

A late filing penalty is usually charged if your return is filed after the due date (including extensions). The penalty is usually 5% of the amount due for each month or part of a month your return is late. The maximum penalty is 25%. If your return is more than 60 days late, the minimum penalty is $210 (adjusted for inflation) or the balance of the tax due on your return, whichever is smaller. You might not owe the penalty if you have a reasonable explanation for filing late. Attach a statement to your return fully explaining your reason for filing late. Don’t attach the statement to Form 4868.

Late Payment Penalty

The late payment penalty is usually ½ of 1% of any tax (other than estimated tax) not paid by the regular due date of your return, which is April 15, 2019, for calendar year filers (April 17, 2019, if you live in Maine or Massachusetts). It’s charged for each month or part of a month the tax is unpaid. The maximum penalty is 25%. The late payment penalty won’t be charged if you can show reasonable cause for not paying on time. Attach a statement to your return fully explaining the reason. Don’t attach the statement to Form 4868.

Individuals

Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return

Special rules may apply if you are:

Serving in a combat zone or a qualified hazardous duty area
Living outside the United States

You can also get an extension by paying all or part of your estimated income tax due and indicate that the payment is for an extension using Direct Pay, the Electronic Federal Tax Payment System (EFTPS), or a credit or debit card. This way you won’t have to file a separate extension form and you will receive a confirmation number for your records.
Business and Corporations

E-file Your Extension Form

Individual tax filers can e-file their extension form for free using Free File.

Regardless of which method you choose, IF you need to file an extension make sure you file the extension (and it is postmarked if mailed) TODAY APRIL 15, 2019!

If you owe the IRS, or receive a letter from the IRS, come see us!

The Neighborhood Christian Legal Clinic – Low Income Taxpayer Clinic can consult with you to provide advice regarding your IRS tax problem, and/or potentially act on your behalf for FREE if you qualify for assistance (come to a clinic intake session)!

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Jim Floyd is the Staff Enrolled Agent at the Neighborhood Christian Legal Clinic – Low Income Taxpayer Clinic. As an Enrolled Agent, Jim is a federally-licensed tax practitioner with unlimited rights to represent clients before the Internal Revenue Service. This means he is unrestricted as to which taxpayers he can represent, what types of tax matters he can handle, and which IRS offices he can represent clients before. Enrolled agent status is the highest credential the IRS awards.

Jim is also an Accredited Small Business Consultant™ (ASBC). By receiving the ASBC designation, Jim demonstrated the knowledge required in all core competencies of small business and SME consulting to effectively assist clients in improving operations and achieving higher profits.

Jim is a member of The American Society of Tax Problem Solvers (ASTPS), a non-profit professional association of practitioners that specialize in representing taxpayers before the IRS and other taxing authorities. Membership in ASTPS reflects commitment to excellence and high standards in taxpayer representation.

Source: Internal Revenue Service