WASHINGTON
— The Internal Revenue Service today urged taxpayers who need additional
time to complete their tax returns to submit their requests for an automatic extension
electronically by April 15. E-filing a request for an extension is convenient,
safe and secure, and taxpayers receive confirmation to keep with their records.
The
extension gives taxpayers until Oct. 15 to file the tax return. An extension does
not give the taxpayer an extension of time to pay. Those who owe taxes can make
a payment when they file the extension either by mailing a check or by several
electronic payment methods, such as electronic funds withdrawals from bank accounts
and credit card payments.
Some taxpayers can wait until
after April 15 to file a return, pay any taxes due and make IRA contributions
for 2007. As a general rule, those eligible get the extra time without having
to ask for it. Eligible taxpayers include:
- Members of the military
serving in Iraq, Afghanistan or other combat zone localities. Normally, the postponement
is until 180 days after the service member leaves the combat zone.
- Disaster-area
taxpayers in four states affected by recent floods, storms and tornadoes. The
postponement is until May 6 in parts of Illinois, May 19 in parts of Georgia and
parts of Missouri and May 27 in parts of Arkansas.
IRS
expects to receive 10.3 million extension requests during 2008 compared with 10
million extensions received during 2007. The IRS expects to receive almost 2 million
extension requests electronically this year.
Taxpayers can
get an automatic six-month extension of time to file their tax returns by filing
Form
4868, Automatic Extension of Time to File.
It is also
important for extension filers to remember that Oct, 15 is not only the due date
for their tax returns, it is also the last date on which a return can be filed
that will result in an economic stimulus payment. Taxpayers who file earlier,
however, will get their economic stimulus payments sooner.
Taxpayers
can e-file the extension from a home computer or through a tax professional who
uses e-file. Taxpayers can e-file their extensions at no cost. Some companies
offer free e-filing of extensions through FreeFile.
