Individual tax returns (Form 1040) are due Monday, April 18th. Returns postmarked after this date, unless properly extended, incur a failure-to-file penalty on the balance due of 5% per month (to a maximum of 25%). Additionally, there are also failure-to-pay penalties and interest charges as well.
You can file for an automatic six-month extension by filing Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return) on or before the April 18th filing deadline.
The instructions for filing a Form 4868 require taxpayers to:
- Properly estimate their tax liability using the information available to them;
- Enter their total tax liability on line 4 of Form 4868; and
- File Form 4868 by the regular due date of their return.