Extending Time To File An Option For Late Tax Filers

COLORADO SPRINGS – Taxpayers who fail to file their federal income taxes by the April 15 deadline have an option to consider–Form 4868, which allows up to six additional months to file.

There’s a catch to the form, however. Extending the time to file doesn’t include extending the time to pay taxes owed to the IRS. So anyone who files 4868 also must estimate the amount of tax owed and pay it by the deadline, or be assessed penalties and interest.

Thomas Baltuskonis, who manages 18 area Jackson Hewitt tax offices, says taxpayers may miss the deadline not only because they wait too long to file, but also because necessary documents may become lost or not arrive in time. “And the tax returns are more complicated this year,” he adds. “They take longer.”

Since tax offices will be especially busy this week, Baltuskonisadvises taxpayers to schedule appointments as soon as possible, and to expect waits of an hour or longer.

For taxpayers who can’t afford to pay the IRS by check before the deadline, they can use credit or debit cards, or arrange a monthly payment plan. The IRS charges a fee for the plan.

Despite the troubled economy, Baltuskonis says there has been no increase in the number of 4868 filings this year. He also says the IRS helps taxpayers by offering more tax credits, and that many taxpayers increased their withholding amounts to avoid paying the government.