Need more time to put together all the paperwork necessary to submit your federal 2008 tax return? You may still be in luck.

The IRS allows individuals to request an extension of time in order to file their tax return.

Someone interested in an extension may consider submitting Form 4868, which is called the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. By submitting Form 4868, the person may be able to obtain an automatic six-month extension. The extension is generally four months for someone considered to be “out of the country.”

It is important to know that obtaining an extension of time to file a tax return is not an extension of time to pay. Someone who requests the extension must still make an accurate estimate of their tax for 2008 and send any necessary payment with Form 4868. Someone who cannot pay the full amount due with Form 4868 may still get the extension, although they will owe interest on the unpaid amount.

Form 4868 must be filed before the normal filing deadline (April 15). Once Form 4868 is filed, the person can file the completed tax return any time during the extension period.
Keep in mind that whether an extension is advisable is an individual decision that is unique to each person.

While it's good to know that the option exists, you should talk with an attorney or accountant to determine how the extension may affect your situation. Anyone interested in learning more about obtaining an extension to file your tax return along with payment options should go to www.irs.gov.

In addition, here are some last-minute tips for folks that are hard at work finishing their individual tax returns:

1) Review your return – make sure you finish it and look over it again to make sure you didn't make any basic errors which could slow down your refund.
2) Remember e-filing is an option.
3) Submit via "certified mail" before or on April 15 for verified proof.
4) For any additional questions, head to www.IRS.gov. It has a great "frequently asked question" section.

Disclaimer
The material provided in The Common Law is for general informational purposes only. It does not constitute, nor is it a substitute for, legal advice. For advice on your specific facts and circumstances, consult an attorney directly.