Time to get more tax time?

April 13, 2010

I totally understand where you're coming from. You don't want to surrender. You can do it! You will do it!

Alarm clock ringing Or maybe not.

I'm talking, of course, about finishing up your tax return. The IRS is expecting around 60 million tax returns to come in this week.

But it's also expecting another 10 million filing extension requests.

If you're in a panic right now, with just 2½ days until the filing deadline, it might be better to not file.

One form instead of the other: Now don't go getting excited or appalled depending on your point of view. I'm talking about not filing a 1040 … yet. But you do need to file for an extension.

By submitting Form 4868 by April 15, the IRS will let you have until Oct. 15 to double check your deductions, recalculation your credits and make sure you didn't miss any of the new tax law changes.

Of course, the IRS is good-hearted only to a point.

You're probably in this last-minute filing situation because you owe Uncle Sam. While you can push off your actual return submission for six months, you cannot delay paying what you owe.

When you send in your 4868, you also need to include a close approximation of your eventual tax bill.

Sorry. But a half a tax loaf — getting more time to get your paperwork in order — is better than nothing.

Do something soon: So file something, either your 1040 or 4868, by Thursday.

You can do so by mailing the document so that it has the April 15 postmark.

Or you can e-file it. If you electronically ask for an extension, you can e-pay your expected tax bill, too.

Me, I'm giving my personal return one more once over as soon as I post this.

I can do it! I will do it!

Or maybe not.

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Those procrastinating filers aren’t a problem. In fact, the IRS appreciates taxpayers who take time to fill out their 1040 forms correctly. It also is grateful that tax submissions are spread out a bit, especially now that the IRS is a leaner agency. Processing returns is easier when they arrive throughout the year instead of in massive bunches.

But enough about Uncle Sam’s tax collection issues. The focus now is on all y’all who filed for extensions, giving you another six months to complete your return. Since your new mid-October due date will be here before you know it, let’s get started now on meeting it.

The ol’ blog is here to help you finish up your extended Form 1040. You can start with January’s tax tips page, which has links to the rest of the year’s tips by-month collections. You also can peruse various tax categories for more tailored advice by clicking on the More Tax Posts drop-down menu at the top of this (and every) page.

And to make sure you don’t miss your new filing deadline, the count-down clock below will let you know just how much time you to file by Oct. 15. At the latest.e. (Note: I’m in the Central Time Zone, so adjust accordingly for where you live.)

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