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When You Need More Time to File

Due to circumstances beyond your control, you might not be able to wrap up your federal 2005 tax return on time. But fear not: You can still request a filing extension. The IRS will grant an automatic extension for requests made before the tax return due date—no questions asked and no late fees attached.

Tax update: The automatic extension for 2005 returns is six months. In the past, you were granted only four additional months to complete your return. If you needed more time, you had to request another extension, subject to IRS approval.

Be aware that you still must provide an estimate of your tax liability based on the information available to you. Furthermore, you must pay at least 90% of your tax liability, through income tax withholding or estimated tax payments, by the original tax return due date. Otherwise, a late payment penalty will be assessed for each month dating from the original due date to the date of payment as well as interest figured on the regular interest rate for underpayments.

 

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