By By BEN RAYMOND LODE / Niles Daily Star
NILES -- Those unable to file their income tax by today's deadline should simply ask for an extension, a local tax service professional said Monday.
However, filing for an extension won't get you off the hook if you owe taxes. You can file for an extension, but you must pay the tax you owe by April 15.
Ken Daniel, owner of Quality Tax Service in Niles, said that is what he and hundreds of his clients have already done.
Daniel said he has received so far this year 200-300 applications from clients for tax filing extensions.
He encourages those who feel rushed or unable to finish their tax return on time to ask for an extension, simply to take pressure off their shoulders.
And it's simple to get one, Daniel said.
In fact, there is no reason not to apply for an extension because it is so easy to get, he said.
Anyone applying for an income tax filing extension must file Form 4868 by mail or file for an extension by phone or e-file through a tax professional or through the use of tax preparation software.
By telephone, Form 4868 can be filed by calling 1-888-796-1074, toll-free. According to the IRS instruction booklet, you will need to provide your adjusted gross income from your 2001 return if you are required to make a payment through electronic transfer.
Some taxpayers may be able to file electronically for their extension through the Internet filing options offered by the IRS. The Free Internet Filing Homepage is www.irs.gov.
If using a tax professional, Daniel said, the filer is required to provide some basic information, such as name, social security number and a personal address of the company through whom they file for an extension. Any of these options must be filed no later than today.
He said the first extension lasts until August 15 which should give everyone enough time to get their income taxes sorted out.
For those unable to meet the August 15 deadline, however, there is also the possibility of filing the income tax in October, if a further extension is filed.
Daniel said there is no penalty for filing income tax late, unless money is owed, but tax returns won't be available until taxes have been filed.
The extension does not extend the time to pay the tax owed.
However, as long as anyone files for the income tax refund within three years of the original deadline, the money will be refunded, he said.
If a person who owes money files taxes late, however, the penalty will be based on the amount owed, he said.
For those who would like more information about income tax filing, www.1040.com is an online tax resource dedicated to helping people find the information, news and forms needed to complete tax returns.