Looking for a reason for put off until October 15 what you can do on April 15?

Do you need some encouragement to be one of America’s largest group of procrastinators?

Then read on to five good reasons to File For Extension and  join millions of  loyal American taxpayers who legally file their tax return late, without any late filing penalties and without being harassed by the IRS.

Reason 1:

It’s free. It won’t cost you a dime to file Form 4868. Well, it’s almost free. If you file Form 4868 by snail-mail, it will cost you one postage stamp.

Reason 2:

It’s automatic. You don’t have to have a good reason, a bad reason, or any reason at all. Just send in the form and that’s all there is to it. No need to come up with some lame excuse like “My dog ate my W-2.

Reason 3:

It’s relaxing. Recall how you’ve spent April 14 or April 15 in previous years? It’s way past your bedtime, coffee pot still brewing, an opened bottle of  Tylenol on top of your calculator, papers strewn all over
your desk, receipts everywhere. Is this anyway to prepare your tax return? Of course not. Do you  need another source of stress in your life? File the extension and now imagine what you’ll be doing on April 15 while
thousands of frantic taxpayers are caught in traffic at their local post office; instead, you’ll be working in your garden or reading a good book, because you’ve got all summer to finish your return.

Reason 4:

It’s easy. As tax forms go, this is one of the easiest tax forms to complete. You put in your address, name,  and social security number – and you are already halfway done! Only four more lines to go an estimate of your tax liability, the total amount of tax payments (from W-2 or 1099 withholdings and/or quarterly estimated tax payments), any balance due, and the amount you are paying with the form. A tax form can’t be any easier than that.

Reason 5:

It’s fast. You can use your tax software program to e-file Form 4868. Talk about fast. You push the Enter button on your keyboard and the data is transmitted to the IRS in a nanosecond. You’ll then receive an e mail confirmation from the IRS after the form has been processed and accepted. If you use a tax preparer to prepare your return, he/she should be able to e-file the form for you, and since no signature is required on this form, getting it done quickly can take as little as a 5-minute phone call.

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It’s April 15 and you don’t have W-2, or you are yet to receive Form 1099. What to do then? Many people feel that IRS will not notice such a small deficiency and they proceed to file the return.

Not a good idea. You may be paying penalties as soon as the IRS will notice. There is no need to worry in such a situation.

There is an easy short term fix. Go file for a tax extension. It’s easy. It’s legal. And most important, it does not initiate tax audit!

There is a simple form which allows you to apply for a six month extension to file your tax return. It’s called Form 4868 and it is very easy to fill in. You can do it on your own; there is no need to take even the help of an accountant. The Form asks you basic details your name, address and social security number.

It also asks you to estimate the tax liability and in case any balance is due you are required to send it along with the Form. By making this payment if you are discharging 90% of your tax liability, then there is no worry at all. You are not subject to a late payment penalty or a late filing fee even. The Form is available very easily. Either you can take it from one of the IRS offices or you can order it by dialing the number 1-800-TAX-FROM (1-800-829-3676). At the time of filing the Form you’ll need information about your income tax return.

You can file this Form online. On filing this Form you will get an acknowledgement.You must see that you file this form before the due date of your return. You will get automatic extension.

And most important thing is you need not give IRS indeed any reason for filing an extension. So even if you’re lazy or you don’t want to think about filing that can be a valid reason for you!  Form 4868 will give you time up to October 17 to prepare and send your return. And mind you, this extension application is for the payment of money, You must pay your money before April 18 if you think that is due to the government. And one more important thing, you can ask for extension only once.

No more extensions there after. You must file before October 17.  The IRS can slap a late filing penalty which is five per cent per month of the tax unpaid by the due date. And on the top of this there is a penalty for paying late.

The late payment penalty may be waived if you can show a reasonable cause for nonpayment. If 90 per cent of your actual tax liability is paid before the due date and you may be considered to have a reasonable cause.

In any case you will be required to pay interest on the tax which is unpaid by the due date. This interest will continue until you pay the tax. Even if you say that you have a very good reason for non-payment, still as always interest is charged and recovered by the IRS.

Then there is one statute of limitation. It limits the power of IRS to audit your return. It gives the IRS three years. So for filing the return for 2010 which is due on or before April 18, 2011, the limitation date is April 15 to 2013. If IRS is unable to audit you within this period, then it is prohibited from challenging the deductions you claimed.

The only cause for taking action beyond this date is if the IRS is successful in proving that you have committed a fraud. But then the burden of proof lies always on IRS. It must prove that you had the intention to cheat.

If you file an extension application  the statute of limitations begins from the actual filing date of the return and not from the date of filing the extension. If you are abroad If you are a citizen of U.S. or a resident and you’re out of the country on the due date for filing the return, you’ll get automatic extension of two months for filing your return. You need not file Form 4868.

So keep in mind that filing an extension does not initiate tax audit.

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