Today is April 15th, also known as tax day. What if you aren’t able to meet the deadline? What are your options?
Here is what you should know:
- The due date for 2013 federal income tax returns is April 15, 2014.
- If you’re not going to be able to file your federal income tax return by this date, file for an extension using IRS Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. Filing this extension gives you an additional six months–to October 15, 2014–to file your return.
- Be aware, though, that filing an extension does not give you extra time to pay any taxes due. If you do not pay any taxes you owe by April 15, 2014, you’ll owe interest on the tax due, and you may owe penalties as well.
- Speak with a tax professional if you need assistance and don’t delay.