Thursday, April 8, 2010

Buying Extra Tax Time

Did you ignore us back in February when we pointed you to sources for income tax help? Now there’s only a week left to finish your federal and NC income tax returns!

Taxes are never convenient, but maybe you could really use more time to file. Fortunately, automatic extensions are available, and just a little bit of paperwork up front could buy you six extra months to file. Check these links for more information:
Please note that in all cases, an extension of time to file does NOT equal an extension of time to pay taxes owed! You’ll need to submit at least a preliminary payment for what you estimate is owed, along with your request for an extension. Failure to pay at least the estimated tax could result in penalties and interest.

On the plus side, don’t believe the urban legend that requesting an extension automatically triggers an audit of your tax return. USA Today debunked this and other popular tax myths earlier this week.

If you need additional tax help, check out our previous post which compares popular do-it-yourself tax filing software, and also points to sources for free tax help for qualifying individuals.