Running out of time????

April 15th is fast approaching. While it is best if everyone files and pays their taxes by that date, many find themselves behind schedule. Perhaps you have yet to get together all of your deductions. You have been ill. Your work schedule has been horrendous, like mine! Maybe, you are just a little short of cash and are afraid to file without paying. The IRS has many options available to help keep you within the law of the land.

First, even if you cannot pay your taxes owed at the year end, you still should file your taxes on the 15th. Although this does not eliminate underpayment penalties and interest charges, it does prevent you from having to pay a late filing penalty.

If April 15th is still way too close for comfort, you can submit an automatic filing extension request. The extension is usually automatically granted, giving you until October 15th to file your return. You can follow this link to instructions for the IRS Form 4868: www.irs.gov/pub/irs-pdf/f4868.pdf?portlet=3  You can also use the resources at the IRS Free File site to request your extension. This link will take you to the free file site: http://www.irs.gov/uac/Free-File:-Do-Your-Federal-Taxes-for-Free This site also offer free tax software if your income is less than $58,000 per year.

You will notice that have been discussing only an extension to file, not pay. You must still pay your taxes on time. That means quarterly if you are an independent contractor or own your own business. You can pay your taxes AND request and extension on-line using the IRS electronic payment option at   http://www.irs.gov/uac/Electronic-Payment-Options-Home-Page

Finally, if you have everything together to file on time except for the cash, you can request a Payment Agreement on-line at http://www.irs.gov/Individuals/Online-Payment-Agreement-Application

So, avoid the penalties and eliminate the stress. Take a few minutes to go on-line to file an extension request or request a payment plan. The IRS realizes that this economy has been rough on people and is more than willing to work with those who reach out to them for assistance. However, ignoring the IRS and paying the taxes that we all have to pony up for will only result in a far worse situation down the road. The IRS is doing the job assigned to them by your elected officials. Remember, if you don't like what's being done with your tax dollars, and many of us don't, the place to express your opinion is the ballot, not your 1040.

Be sure to consult with your own tax professional concerning your own specific situation. My remarks are intended to be "food for thought" and are merely a start of the conversation. Good luck on the 15th and be sure to start keeping accurate records now for next year. This way you will be in a position to file early next year and get your refund that much sooner!