If you haven't already done so, today's the day to file your return and pay your 2013 taxes. If you need more time to complete your return, you can submit IRS Form 4868 to request a six-month extension. Taxpayers don’t need a special reason for an extension; they are granted to anyone who needs more time.
The fastest and easiest way to get extra time is to head over to IRS.gov and submit your form electronically through Free File - the extension is available to all taxpayers regardless of income. To get the extension, estimate your tax liability and submit the payment with your extension request by April 15th at midnight. [/COLOR]
By properly filing this form, a taxpayer will avoid the late-filing penalty, normally five percent per month based on the unpaid balance, that applies to returns filed after the deadline. In addition, any payment made with an extension request will reduce or eliminate interest and late-payment penalties that apply to payments made after April 15. The interest rate is currently three percent per year, compounded daily, and the late-payment penalty is normally 0.5 percent per month.
The IRS said they have received almost 100 million returns this year and expect to receive another 35 million by the April 15th deadline. The IRS expects that approximately 12 million taxpayers will request an extension this year.
Also, while some states automatically grant an extension to taxpayers, many states require you to submit a form to grant your more time to submit your tax return. Check with your state's Department of Revenue to locate the correct from and submit along with your payment.
Source:
Internal Revenue Service