Atlanta, GA – As the April 18th income-tax filing deadline approaches, “Tennessee has once again, set a record with the most electronic filed tax returns ever at this period and is tops in the nation,” said IRS Spokesman Mark Green. “We had estimated that Tennessee, would file 2.6 million e-file tax returns for the whole calendar year. Thus far, Tennessee has filed over 2.2 million e-file tax returns,” said Green.
Most taxpayers have already filed their 2015 returns. For those who have yet to file, the IRS says don’t panic.
However, taxpayers who are having trouble paying what they owe may qualify for payment plans and other relief.
“During this period one of the most asked questions is should I file by April 18th, if I can’t pay the tax due? The answer is yes! You should file on time (or request the automatic six-month extension) and pay as much of the tax as possible with your return. If you do not file your return by the due date, you may have to pay a failure-to-file penalty. The key is to file something by midnight April 18th, your tax return or the extension,” said Green.
Here are further details on the options available.
More Time to File
People who haven’t finished filling out their return can get an automatic six-month extension. You can request an extension by mailing in Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, to the Internal Revenue Service The fastest and easiest way to get the extra time is through the Free File link on IRS.gov.
In a matter of minutes, anyone, regardless of income, can use this free service to electronically request an automatic tax-filing extension on Form 4868. You will get an acknowledgment that the IRS has received your request. Filing this form gives taxpayers until October 17th to file a return. To get the extension, taxpayers must estimate their tax liability on this form and should also pay any amount due.
By properly filing this form, a taxpayer will avoid the late-filing penalty, normally five percent per month based on the unpaid balance that applies to returns filed after the deadline. In addition, any payment made with an extension request will reduce or eliminate interest and late-payment penalties that apply to payments made after April 18th.
Besides Free File, taxpayers can choose to request an extension through a paid tax preparer, using tax-preparation software or by filing a paper Form 4868, available on IRS.gov. Those who owe taxes and need a tax-filing extension can get a two-for-one deal. Use IRS Direct Pay or one of the other electronic payment options to pay by April 18th the estimated amount of tax owed, designate the payment as an extension payment, and the IRS will count that as a validly-requested extension – no need to separately file a Form 4868.
Members of the military and others serving in combat zone localities. Typically, taxpayers can wait until at least 180 days after they leave the combat zone to file returns and pay any taxes due. For details, see Extensions of Deadlines in Publication 3, Armed Forces Tax Guide.