Filing an extension is super easy. By filing an extension, the IRS will give you an extra six months to file your tax return without penalty. The deadline to file your 2011 tax return is April 17th, 2012. With an extension, your deadline to file a tax return will be October 15, 2012. However, an extension of time to file is not an extension of time to pay. If you owe, you should pay the IRS by the April 17th deadline to avoid any tax penalties and interest.
1. Mail in Form 4868
Speed: 1 minute. Cost: 45 cents (for postage). You can file an extension quickly and painlessly by using IRS Form 4868. Print the form, fill in your name and SSN, and mail it to the IRS. That's it, really. Here's links to Form 4868 (pdf) and the mailing addresses.
Do you need to fill out Lines 4 to 6 of Form 4868? This is where you report your estimated tax liability, payments made, and an estimate of your balance due. If you don't have an estimate of your tax bill, just leave those fields blank. On line 7 indicate the amount you are paying, or put zero if you aren't sending in a payment. Be sure to mail this before the post office closes on April 17th. If the post office has already closed, use one of the online services (below).
2. Intuit's TurboTax Easy Extension
Speed: 4 minutes. Cost: free. Click "Start Easy Extension" from TurboTax's extension page. TurboTax has produced a slick and easy to use extension program. Register for the site, input your information, and TurboTax guides you through the steps. There's even an option to open TaxCaster, a tax estimating utility, in a new browser window. This can help you get a rough idea of how much you might owe. Allows you to pay your tax using a direct withdrawal from your bank account. The instructions and steps are clear and easy to understand even if you're feeling rushed.3. TaxACT Free Online Extension
Speed: 4 minutes. Cost: free. Click "File your free tax extension now" link on their home page. TaxACT provided a very straightforward experience. Simply create a username, enter your personal information, and the Web site walks you through the e-filing process. You can choose between just filing your extension or first estimating your taxes. Also, TaxACT gives you the option of printing the Form 4868 to mail in or e-filing the form. TaxACT will let you set up a direct withdrawal from your checking or savings account to pay your estimated tax liability.4. FileLater Online Tax Extension
Speed: 3 minutes not including the payment section. Cost: $34.95 for personal tax extensions; $39.95 for business tax extensions. Like TurboTax and TaxCut, the FileLater service gives you the option of using an estimator to figure out how much tax you might owe. FileLater also supports the filing of extensions for business tax returns for corporations, partnerships, estates and trusts.
5. H&R Block At Home Online Extension
Speed: 5 minutes, not including the payment section of the process. Cost: $19.95. You'll need to start by clicking on one of the online tax products, such as H&R Block At Home Free Edition. Once you register, look towards the right-hand side of the main screen. Under "Tax Resources" you will find a link for "file an extension." H&R Block's At Home software gave me two options for completing my extension. You could do a quick extension using a minimum of information; this is designed to file the extension quickly. The second option is to use H&R Block's tax estimator utility to get a rough idea of how much you might owe. The tax estimator opens in a new browser window. You'll need to input some of that data for the extension program.
6. CompleteTax Online Extension
Speed: 6 minutes not including the payment section of the process. Cost: $9.95. After creating your account, select "Get an Extension to Oct 15, 2012" link located underneath the banner on the Welcome screen. CompleteTax gathers information necessary to file your extension, but does not provide an estimating utility like those found in TurboTax, H&R Block At Home, and FileLater.
7. Free File Fillable Forms
Speed: 19 minutes. Cost: free. Free File Fillable Forms is a free tax filing service sponsored by the IRS and hosted by Intuit, the makers of Turbo Tax. After creating your account, start with one of the tax forms such as 1040-EZ, 1040-A or 1040. It doesn't matter which form you select, as all you need to do is fill out your name, address and SSN. After filing out that basic information, click the "File Extension" icon in the upper right-hand portion of the screen with the logo EXT. That will open a screen that looks similar to the paper Form 4868. Fill out the rest of the data fields, including the data fields for email address and other required fields. Definitely not user-friendly.
