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

    How to File a Tax Extension

    Learn the process you need to follow to get an extra six months to file your tax return.
  2. Taxes

    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. Taxes

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

    Most important: Do it now.
  4. Taxes

    Common Tax Mistakes To Avoid

    Find out what mistakes people often make on their returns, and how to avoid them on yours.
  5. 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.
  6. Taxes

    Simple Last-Minute Tax Tips

    A little preparation and organization can take the stress out of last-minute tax filing.
  7. Taxes

    Is Filing an Early Tax Return a Good Idea?

    Filing an early tax return makes sense if you are receiving a refund, but what if you owe tax? There are more reasons to file early than just a refund.
  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

    Confused About Estimated Tax Deadlines for 2016?

    If you run a business or have investment income, pay attention to this year's estimated tax deadlines. Here are the details, and what's new for 2016.
Frequently Asked Questions
  1. Do interest rates increase during a recession?

    Learn why interest rates do not rise in a recession; in fact, the opposite happens. Identify the factors that reduce interest ...
  2. What is the difference between deflation and disinflation?

    Learn what deflation and disinflation are, how supply and demand affect price levels, and the difference between deflation ...
  3. What rights do all common shareholders have?

    Learn what rights all common shareholders have, and understand the remedies that can be taken if those rights are violated ...
  4. What does CHIPS UID mean?

    Learn what CHIPS UID stands for and how it facilitates the transfer of funds as the back-end of the ACH network for both ...
Trading Center