Investing Guide at Deep Blue Group Publications LLC
Posted in the Top Stories Forum
Since: Apr 14
#1 Apr 15, 2014
Today I'll answer some tax questions-but first some tips for people who can't file their returns by Tuesday.
For federal taxes: If you can't file your return by Tuesday, request a six-month extension by filing Form 4868 electronically or by mail. See the form for instructions. If you file this form by April 15 and your tax return by Oct. 15, you will avoid a late-filing penalty.
However, if you owe additional federal tax for 2013, you must pay it with this form by April 15 to avoid interest and possibly a late-payment penalty.
You can avoid this late-payment penalty (but not interest) if at least 90 percent of your total 2013 tax liability is paid by April 15 through payroll withholding, estimated tax payments or payments made with Form 4868.
If you haven't completed your return, "the best thing is to pay in about 10 percent more" than you expect to owe, says Michael Gray, a San Jose certified public accountant.
For California taxes: There is no need to request an extension; you automatically get one until Oct. 15. However, as with federal taxes, you must pay at least 90 percent of what you owe by April 15 to avoid a late-payment penalty.
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