Can you File for an Extension on your Taxes in 2012?

While the official deadline to file taxes falls on April 15th each year (except in cases of national holidays), many people choose to apply for an extension to gain more time to prepare their returns. In the majority of cases, the extension will move the deadline back by six months, typically ending on October 15th..Contrary to popular belief, asking for an extension does not mean that the taxes that need to be paid will also be extended. Even with an extension for filing preparation, a person will be required to estimate how much will be due and send in payment along with the request for extension. Failure to send payment will result in fees and penalties being assessed against the person.

For the year 2012, asking for a tax extension will remain to be an option for the millions of Americans that are required to report their income. The official deadline for 2012 will be on April 17th and an extension will move this deadline to October 15th. A person that would like to take advantage of the extension will need to complete a special IRS form, known as Form 4868. This form requires that the person list some information, including their name, social security number, address, and the estimate of how much tax will be owed if necessary. The Form 4868 can be submitted wither through regular mail or online methods, such as e-filing.

There are some tax extensions that can be used in 2012 that occur automatically, notably for those employed by the United States military. A person that is actively working for the military in foreign locations will be qualified to receive an extension of two months. This extension does not require the Form 4868 and is considered to be automatic. Members of the military that are stationed in designated combat zones have additional extensions. While stationed in the combat zone, the person is not required to submit their tax forms until their tour of duty has been finished. The new deadline will be determined by adding the number of days serving in the combat zone together with an extra 180 days. These military extensions also apply to tax payment, meaning that no extra fees or penalties will need to be paid.

Similar to the military tax extensions for 2012, there are also considerations made for resident aliens and United States citizens that reside outside the country. The same extension of two months is applicable and does not require that a person go through the application process. A person can also ask for a standard six month extension. In contrast with the military extensions, a person living in a foreign country will be subject to pay their estimated taxes on the original deadline and will incur penalties if they fail to do so.

The standard tax filing extensions will be available for the year 2012 (reporting income for 2011) and a person will be able to request the extension through the normal method of using the Form 4868. A person that has questions about using the tax extension should contact the IRS or their local tax preparer.

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