Tip of the Week: Need More Time? (4/13/98)

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	A Little More Time Financial Tip of the Week by Deloitte & Touche OnLine April 5, 1999

Getting the first tax extension is easy. The second isn't.

April 15 is coming up (as if we need to tell you). If you need more time to file your federal income tax return, you can get one automatic extension (with a catch) and if that's not enough time, you can ask for more.

To get your first extension: File Form 4868, "Application for Automatic Extension of Time to File U.S. Individual Income Tax Return." With this form, all you have to do is ask, and you'll get more time. The catch is that you must also send a check for the taxes you think you'll owe. Pay too little now, and you may face a tax penalty. Download Form 4868 here.
To get your second extension: File Form 2688, "Application for Additional Extension of Time to File U.S. Individual Income Tax Return." This extension is not automatic; you must supply a good reason why the first extension wasn't enough. Download Form 2688 here.
If you can file but you can't pay: File your return on time, and also file Form 9465, "Installment Agreement Request." This can help you pay your tax in installments, but this is subject to IRS approval, and you may pay interest, penalties and a $43 fee if approved. Download Form 9465 here.

For more tax tips on your taxes, see our Tax Planning Guide.