IRS will let quite a bit slide past April 15 | Mount Kisco Real Estate

As you probably know, your income taxes are due on April 15. However, this is not really the final date to file your 2013 return. You can get a six-month extension to file, meaning that your return won’t be due until Oct. 15, 2014. Filing for an extension couldn’t be easier.

All you have to do is file Form 4868, Application For Automatic Extension of Time To File U.S. Individual Tax Return. You can do this electronically or by postal mail. For filing details, see my article “Need more time for taxes? File an extension.

”You might be thinking: “This sounds too easy. What’s the catch?”There is one catch. Extending your time to file your return does not extend your time to pay your income and self-employment taxes. These taxes remain due in full on April 15.

So, if you do owe the IRS money, you’ll need to estimate out how much and pay the amount before April 15. If you pay late, you’ll be charged a late payment penalty on the outstanding balance of 0.5 percent per month and interest at a rate of 3 percent per year.

Although filing an extension doesn’t increase the time you have to pay your taxes, it does give you — and your tax pro, if you hire one — ample extra time to ensure that you file a complete and accurate tax return.

– See more at: http://www.inman.com/2014/04/14/irs-will-let-quite-a-bit-slide-past-april-15/?utm_source=20140414&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.qXXn7Lzx.dpuf