Filing Taxes: Top Ten FAQ

Questions:

• How long should I keep my tax papers?
• How long should I worry if I haven't filed tax returns that I should have filed?
• If I can't pay my taxes, should I file my return anyway?
• Can I get an extension to pay a tax without penalties and interest?
• My state had an amnesty period for nonfilers. Can I ever hope the IRS will have one?
• Who has access to my IRS file?
• Is it true that the IRS pays rewards for turning in tax cheaters?
• What should I do if I don't get my refund?
• Can the IRS charge me interest if I was incorrectly sent a refund and the IRS now wants it back?
• How legitimate are the claims by "tax experts" that you don't have to pay income taxes?

Answer:

Can I get an extension to pay a tax without penalties and interest?

Probably not. Although you can get extensions to file your tax return, you still must pay by April 15 or the IRS can impose a penalty and charge interest. You can try pleading hardship on IRS Form 1127 to get up to six months ­extra to pay, but the IRS may require that you post a bond or mortgage, which is impractical for most people. Few payment extensions are granted. Even then, only penalties, not interest, stop accruing. Form 1127 works best in requesting an extension to pay ­estate taxes. For more information, see Filing and Paying Taxes Late.