Filing Requirements
You must first collect all your tax records in order to start preparing a tax return. Once your documents are organized, you'll have to determine which IRS Form is the correct return to file. For individual tax returns, you can file Form 1040EZ, 1040, or 1040A – depending on the complication of your return. Business/corporate returns are filed using different IRS Forms. They can be manually or electronically filed, depending on your preference.

The due date of your federal tax return is April 15 of the year following the tax year. A return that is mailed with a postmark on or before April 15 will NOT be considered late.


Extensions of time to file:
If you are unable to file your return on time, you can apply any time before the due date of the return for an extension of time. This extension request is done on Form 4868 by completing the form and mailing to your local IRS office. The extension typically gives you another six months after the due date to file your return (October 15).

Downside of filing an extension:


  • The taxpayer will have to pay interest on tax due since April 15
  • Tax liability estimated payment is due with filing of the extension Form 4868
  • If the tax paid with Form 4868 is less than 90% of the actual tax due, the filer will be subject to a late-payment penalty


Audits

Related Articles
  1. Personal Finance

    Late with Your Taxes? Grab IRS Form 4868

    Fill out this form to get a few more months to file your tax return. But remember, April 15 is still the payment due date if you owe taxes.
  2. Personal Finance

    Get a 6-Month Tax Extension

    Discover how to get some extra time from the IRS, without paying a hefty penalty for the privilege.
  3. Personal Finance

    Should You File An Early Tax Return?

    When it comes to filing your taxes, it can often pay to wait until the deadline.
  4. Personal Finance

    Explaining Tax Returns

    A tax return is the form or forms used to file income taxes with the IRS.
  5. Personal Finance

    Missed the Tax Return Deadline? Here's What to Do

    Most important: Do it now.
  6. Personal Finance

    Inaccurate Tax Return, Now What?

    If the IRS finds errors, it will cost you. Find out how to fix them, and how to prevent them in the first place.
  7. Personal Finance

    Common Tax Mistakes To Avoid

    Find out what mistakes people often make on their returns, and how to avoid them on yours.
  8. Personal Finance

    How & Where to File Form 1040 (And Which Version)

    All taxpayers need to know three things when filing a 1040: which form to use, how to file and where to file. After reading this, you'll know all three.
  9. Personal Finance

    Simple Last-Minute Tax Tips

    A little preparation and organization can take the stress out of last-minute tax filing.
  10. Personal Finance

    Next Season, File Taxes On Your Own

    Master these fundamentals and you'll be doing your own taxes with minimal stress.
Trading Center