How to Do Late Filing of Federal Taxes

Luckily, late filing of federal taxes is perfectly acceptable as long as you file an Automatic Extension by the April tax deadline. You'll also need to pay any tax liability by the April deadline, but with an extension in hand you'll have until mid October to file your Federal income tax return. Read on to learn more about late filing of federal taxes.

Difficulty: Moderately Easy

Instructions

Things You'll Need:

• Tax forms or software
• Income information
• Receipts
• Deduction information

1. Make sure to fill out and submit Form 4868, "Application for Automatic Extension of Time To File U.S. Income Tax Return," to the IRS by the April filing deadline. This will grant you an automatic extension and postpone your filing deadline until mid October.

2. Pay any tax liability owed when you file your tax extension. If you overpay, you'll get the extra money back. However, if you neglect to pay what you owe by the April deadline, even if you have an extension 'til October to file your return, you'll owe interest and penalties on any liability.

3. Fill out your tax forms and return them to the IRS before your October deadline. You can e-file or use paper returns; e-filing will result in a quicker turnaround with the IRS.

Tips & Warnings

• If you are a year or more behind on taxes, or haven't filed for previous years in which you earned more than $3,000, you'll want to see a tax preparer or accountant for advice on how to proceed with your late IRS tax filing.
• If you do late filing of federal taxes without an extension, you will face penalties.

Resources

• Get your refund in as little as 9 days. E-file with TurboTax today. It's Easy.
• Mvelopes personal finance software
• Deduct It! Lower Your Small Business Taxes

[iamageniuster]

on 10/28/2008 Very good article. It's incredible!

[dsarokin]

on 10/28/2008 Good stuff to know. I try to get my taxes in on time, but it always seems to come down to the wire. Nice to know there's another option.

[WesleyJ]

on 10/28/2008 Absolutely priceless article. For the procrastinators like me, this article will forever be useful. Definitely 5 stars!

[GreenGardenChic]

on 10/27/2008 Good information about filing for a tax extension.