Down with the tyranny of April 15! Why be pushed around by a silly tax deadline? Why not just ignore it?
That may sound subversive, but it's really not ... for the two-thirds or so of all taxpayers who have refunds coming from the IRS. You see, the penalty for missing the April 15 deadline is a percentage of the tax owed with the return. If the IRS owes you, well, there simply is no penalty.
We're not suggesting that you put off filing for long. After all, the government has your money and the only way to get it back is by filing a tax return and demanding your refund. So, file as soon as you can. (If you're making certain elections on your return, it does have to be filed on time -- but that applies to very few people.)
But the bottom line is this: If your return is pretty straightforward and you're sure you have a refund coming, you don't have to burn the midnight oil tonight or join in the mad rush to the post office.
Now, if you're not sure about a refund or are certain you owe money with your return, here's a quick reminder of how to buy more time:
You can put your return in suspended animation by filing Form 4868, which you can download or photocopy at a public library. If you use tax software such as TaxCut (for which Kiplinger provides expert, money-saving advice), you'll find the form in the program and can buy extra time on-line. You can even get an extension by phone, by calling 888-796-1074. You still need to get a copy of the 4868, though, so you'll know the answers to the questions you'll be asked by the computer.
The trick, of course, is that while the extension gives you extra time to file the forms, you don't get to postpone paying any tax you owe. You need to estimate your tax bill and send in a check with the 4868. Or, you can tell the IRS to deduct the amount due from your bank account.
Don't feel bad about procrastinating. The government figures that by midnight tonight, more than 8 million of your fellow sufferers will have shoved their deadline back to August 16.
GETTING STARTED
