IRS Form 4868 gives taxpayers extra time to file

IRS Form 4868 001US Postal Mailing Box 001
“We expect all hell to break loose later today,” said a H & R Block manager in the Tampa Bay area as taxpayers rush to file their returns by midnight tonight. If you need help filing your tax return, H & R Block offices will be open until 9 p.m. Some local post offices will be open longer hours for customers to receive the April 15th postmark on their mailed tax returns. The Carrollwood Post Office is open until 8 p.m. The Tampa Post Office near the airport is open until midnight tonight.

By Carol Lim

Today is April 15, the last day to file your income tax return or request an extension. According to IRS.gov., around 12 million taxpayers will request extensions by today. The extensions give taxpayers an extra 6 months to file. As of April 10th, the IRS has received nearly 100 million tax returns and expects to receive about 35 million more by the April 15th deadline.

The easiest way to ask for an extension is through the “Free File” link on http://www.IRS.gov. Anyone can use this free service to electronically request an automatic tax-filing extension by using Form 4868. Form 4868 gives taxpayers until Oct. 15th to file a return. Taxpayers must estimate their tax liability on this form and pay any amount due.

Taxpayers also can request an extension through a paid tax preparer, using tax preparation software or filing paper Form 4868. which is available on IRS.gov.

Form 4868 helps the taxpayer avoid the late-filing penalty, 5% per month on the balance due. For tax payments after April 15th, this form also will lower or eliminate interest and late-payment fees. The compounded daily interest rate is 3 percent/year. The late penalty fee is 0.5 percent/month.

As of April 10, 2014, IRS has received 99,850,000 individual returns and processed 5.4% of them. It has issued 78,769,000 refunds, 1.2% of all refunds. The average refund is $2,792.

As of April 10, 2014, IRS has processed 65,326,000, 0.5% direct deposit refunds. The average direct deposit refund is $2,923.

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