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. Taxes

    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. Taxes

    What To Do If You Filed Your Taxes Late

    What happens if you missed this year's April 17 deadline?
  3. Taxes

    Should You File An Early Tax Return?

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

    How To File A Canadian Tax Return

    The process for filing a Canadian tax return is easy and streamlined. Here is the information you need to know before filing.
  5. Taxes

    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.
  6. Taxes

    Tax Tips For First-Time Filers

    Here is a quick rundown on what you need to know if you're filing your taxes for the first time.
  7. Managing Wealth

    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.
  8. Taxes

    Next Season, File Taxes On Your Own

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

    3 Common Tax Questions Answered

    We clarify some rules that often puzzle taxpayers.
  10. Taxes

    The 10 Most Common Tax-Filing Mistakes

    Be sure to double check your federal income tax return for these common mistakes that could cost you time and money.
Frequently Asked Questions
  1. Depreciation Can Shield Taxes, Bolster Cash Flow

    Depreciation can be used as a tax-deductible expense to reduce tax costs, bolstering cash flow
  2. What schools did Warren Buffett attend on his way to getting his science and economics degrees?

    Learn how Warren Buffett became so successful through his attendance at multiple prestigious schools and his real-world experiences.
  3. How many attempts at each CFA exam is a candidate permitted?

    The CFA Institute allows an individual an unlimited amount of attempts at each examination.Although you can attempt the examination ...
  4. What's the average salary of a market research analyst?

    Learn about average stock market analyst salaries in the U.S. and different factors that affect salaries and overall levels ...
Trading Center