Six-month extension available to file taxes

Contra Costa Times

WALNUT CREEK, Calif. — Though many taxpayers will be in a last-minute rush today to file their taxes, others can hit the pause button.

They can do so by filing a Form 4868, a request for an extension, with the Internal Revenue Service no later than today. That gives them a six-month extension, or until Oct. 15, to prepare their return. But it does not give them extra time to pay any taxes they may owe. Interest will be due on any amounts not paid by today’s deadline, along with a late-payment penalty if they have paid less than 90 percent of their total tax by that date, according to the IRS.

And if they qualify for an economic stimulus rebate, they won’t get the money until after their tax return is processed.

Form 4868 can be downloaded from the IRS Web site, www.irs.gov, or picked up at local IRS offices and some post offices, banks and libraries.

People who need to file a return only to obtain a rebate are not required to meet today’s deadline. Nor do they have to file for an extension. They do have to file a tax return no later than Oct. 15 to qualify for a rebate.

The Internal Revenue Service is projecting that 10.3 million individual taxpayers will request an extension for tax year 2007, up from 10 million extension requests filed for tax year 2006.

Taxpayers can file for an extension online either by using tax software or going to a tax preparer.