Tax-filing extensions buy extra crunch time


Monday, March 23, 1998	Tax-filing extensions buy extra crunch time Editor's Note: This is the fourth in a six-part series about the ins and outs of taxes. This story focuses on filing extensions. By ERIN HAZARD Collegian Staff Writer Never put off for tomorrow what you can do today. While this sentiment may be wise to follow during tax season, occasionally time just runs out. With April 15 quickly approaching, many taxpayers may feel pressure building to get their taxes in on time. The Internal Revenue Service does have a way out for those still searching for receipts or waiting for forms to come in, said Donna Hargrave, an IRS spokesperson.
`The Internal Revenue Service`	By filing form 4868, those who need extra time can apply for an extension of up to four months, extending the deadline to Aug. 12, Hargrave said. The form for an extension must be filed in place of a tax return by April 15, she added. If this extension is not enough time, those granted the first extension have the option of filing for even more time to make their return due in October, she said. However, she said the IRS suggests taxpayers file in a timely manner to make matters easier on both sides.
`Tax series III: "Third party offers choice" (March 16, 1998)`	Sheryl Sabatelli (junior-kinesiology) said she thinks it's important to file taxes before it's too late and that there are advantages to doing so. Her father filed hers early, she said, and she is already enjoying her tax refund. "I couldn't wait to get it," she said. Those who aren't receiving a refund, but owe money instead, may not be quite as motivated to get their taxes in. "This is an extension to file, not to pay," Hargrave said.
`Tax series part II: "Some use phone, Web filing options" (March 2, 1998)`	Hargrave suggested that those who file for an extension pay the amount that they calculated they owe the government. Those who do not pay their taxes on time and are not granted an extension may face consequences, she added. "If you cannot pay, you may be charged penalties and interest," she said. While Hargrave said almost everyone who files for an extension is granted one, she said the application can always be denied.
`Tax series part I: Students solutions to tax day differ (Feb. 23, 1998)`	People who typically need an extension are those who are waiting for forms, she said. This year will see a large number of people in need of extensions, Hargrave said, because of all the weather damage resulting from El Niño-related storms. People whose homes have been flooded or have been damaged by tornadoes or other storms often need the extra time to get damage estimates and the necessary forms for claiming them, she said. Those wishing to file for an extension can download the 4868 form from the World Wide Web site at www.irs.ustreas.gov site or can call and request the form at (800) 829-1040.