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Ask The Experts: How Do I File For a Tax Extension?

How do you file for an extension if you don’t believe you can make the 4/15 deadline? I am going to be overseas for the next two months and I don’t foresee myself having the time to do my taxesJ.L., NY

You can file an extension any time between now and April 15, using Form 4868 found here. The important thing to know is that filing for an extension of time to file your tax return does not extend the amount of time you have to pay. The IRS expects you to estimate your tax liability, and if you think you will owe any money, you must pay it with the extension.

If you don’t pay, or you underestimate the amount to pay, you will be charged interest and penalties on that unpaid amount from the time it was due until you actually pay it. So it’s important to be careful and pay enough to cover all your liabilities when you file the extension.

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Tracy Coenenis an On The Money contributor, fraud investigator and forensic accountant, and is the author of Essentials of Corporate Fraud.