Individual request for tax filing extension

Often times I hear individuals and media broadcast that the tax filing deadline is April 15th. While this is not wrong the better phrase would be tax payment deadline. The Internal Revenue Service has an initial deadline of April 15th to file your federal tax return, but allows individuals to request an automatic six month extension to October 15th.  However, an extension of time to file is not an extension of time to pay. Tax payments for the year 2013 are still due by April 15th, 2014. Payments of tax made after April 15th are subject to penalties and interest.

The automatic extension request is filed utilizing Form 4868 and should be filed by April 15th. In order to complete the form you should create a rough draft of your tax return to estimate your amount due or refund for the tax year. Complete the form and mail in by April 15th with a payment if any is due. You now have given yourself another 6 months to gather the necessary documents and file your tax return.

It’s possible to file an extension and pay federal taxes using a credit or debit card. The IRS states that “If you pay part or all of the tax you estimate you will owe using a debit/credit card, you will not need to file an extension form, such as Form 4868. Your payment will act as the extension.” There are several IRS-approved credit and debit card services, which can be found on the IRS Web site. Be aware that these are third-party services and they charge fees for processing tax payments.

For individuals subject to New Hampshire taxes you need to file NH Form DP-59-A “Extension of Time to file DP-10” or  Form BT-EXT “Extension of Time to File BPT/BET” depending on which tax return is being extended.  For Maine residents an extension is requested with Form 1040EXT-ME. For both states no forms need to be filed if no payment is being made with the extension request.

Please remember these are general rules and you should always speak with your trusted advisors about you particular situation.

Brian is a CPA at Gamwell Caputo Kelsch & Co., PLLC in Conway, NH and can be reached at 603-447-3356. Brian welcomes any article feedback or questions for future article consideration.