The deadline is closing, but you feel like you won’t have enough time to fill your tax return? There’s no problem, you can ask for an extension of time. But don’t get to enthusiastic about it, because you’ll still have to pay your dues at the deadline. You’ll only win some tome to fill in the forms.

How do things really work?

First of all, you must file the 4868 Form (request of automatic extension of time to file the tax return). Secondly, you must approximate the amount you should pay and submit the payment by the deadline – usually the 15th of April.

If you get the extension, then you’ll win an extra 6 months period of time to submit the form, but best to chat with
R&G Brenner first. If the amount you have paid in April is smaller than the one resulted from the official calculation, you’ll pay penalties and interest – probably this is the greatest disadvantage of the extension.

Are there any special rules?

There are some special rules for those living outside the US, for those who are out of the country when their extension expires and for those working in a combat zone or a qualified hazardous duty area; you can find all the details on the IRS site or by calling one of the numbers written on the notice.

If you represent a corporate, a trust or a sort of partnership, then you’ll have to fill other forms than individuals: Form 7004 and Form 1138.

Whatever you do, keep in mind that the penalties for not filing in time or not asking for an extension are actually higher than those for not paying your dues in time.