Getting an extension for filing your taxes is not hard. But, an extension doesn't mean you can pay your taxes late. It only means that you can file the paperwork later. Any payment will still be due on April 15th.
So why might you want to file for an extension?
- You are missing important tax documents such as W-2s or 1099s
- You have unanswered tax questions that could make a big difference in how much you owe
If you expect you'll be making a payment, but don't have your forms completed for the reasons above you'll need to estimate your payment. Your best bet is to estimate on the high-side to avoid any penalties. You can even request your estimated tax payment to be withdrawn electronically by supplying your bank’s routing and account numbers. For identification purposes, you’ll need your adjusted gross income (AGI) from your 2007 tax return.
To file an extension you can visit the IRS website and download form Form 4868, Application for Automatic Extension of Time. Typically this will give you an automatic 6 month extension.
You'll then need to send your extension request along with any payment by April 15th. Don't be fooled into paying to file for an extension. You can file this form for free online through the IRS site and a few other reputable sites. Anyone who asks that you pay to file for an extension is just making money off you.
And if you can't make your payment contact the IRS about payment plans.