- A tax extension will extend the due date of your income tax return from April 15 until Oct. 15th. Although an extension does not mitigate a taxpayer's responsibility to pay any tax owed, it does eliminate penalties related to late filing. According to the Internal Revenue Service, any filers who file an extension should estimate their total amount of tax owed and pay that amount on or before April 15 even if they request an extension. For an extension to be approved, IRS Form 4868 must be received before the April 15 deadline. The form can be e-filed or mailed to the address in the instructions for Form 4868.
- Form 4868 does not trigger an IRS audit. The determining factors for being selected for an audit usually revolve around how high your return scores on the IRS's Discriminant Function System computer scoring system, which compares your return to similarly situated returns. If your return scores high, then the chances that your return will be pulled for an audit are high. Returns are also selected based upon income information sent to the IRS from your employer. If the income information submitted on your return does not match the information that the IRS receives from your employer, then your return may be pulled for an audit.
- A few taxpayers who have had their returns audited in the past may experience an increased amount of scrutiny where future returns are concerned. In addition, some taxpayers may find that their returns are more highly scrutinized or even pulled for an audit based upon the items listed on another taxpayer's return with whom they have a relationship. For example, if your business partner has questionable items on his return, then you may also be pulled for an audit.
- If you need to file an extension, you can download Form 4868 via the IRS website or you can order it by calling 800-TAX-FORM. If you order your form by telephone, you will usually receive it in the mail within 10 days. You can also go to an IRS walk-in office and pick up the forms.
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