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What is the Tax Extension 2012 Request Deadline?

Written By

Paul Picone

Enrolled Agent, Paul Picone and Associates, Inc.

Briefly Speaking

Tax extension 2012 request deadline for individual and business returns.
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The tax extension 2012 request deadline of your individual tax return for 2011 is April 17, 2012 to extend your deadline to October 15, 2012. You must estimate how much tax you owe (if you owe any) and send in that amount by the due date of April 17, 2012. Otherwise, you may be subject to penalties and interest.

A corporation that is a calendar year taxpayer with a December 31 year-end must file for an extension by March 15, 2012. 

A partnership that is a calendar year taxpayer with a December 31 year-end must file for an extension by April 17, 2012.

Your business may be subject to costly penalty and interest charges if you underestimate your taxes, file your return late, or do not furnish certain information by the due date.

A tax extension allows you extra time to prepare and file your tax return. When you file for an extension, it is typical for the IRS to automatically grant you an additional six months (five months for partnerships) to file your return. 

It is important to understand that while you can get an extension on preparing and filing your tax return, you cannot get an extension for paying your tax bill. If you think that you are going to owe the IRS money, you will need to estimate the amount due and send it in with your application for an extension.

You will need to fill out IRS Form 4868 (IRS Form 7004 for corporations and partnerships) in order to qualify for an extension. You can either e-file for your extension or you can print out the form from the IRS website and mail it in. If you owe taxes, you can make your payment electronically with an e-file application or if you are mailing in your application you can include with it a check covering your payment due.

Read More: Personal Finance
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1 Reader Comments Share your thoughts.

    Expert
    Keith N. Faust 2 years ago
    If you underestimate how much you pay when filing the extension, you will be subject to penalties and interest based upon the amount of the understatement. It's better to overpay if you are not sure and you will receive a refund.