April 11, 1995
Deadline Nears --
Extensions, Installment Plans Available
WASHINGTON - With the tax filing deadline just around the
weekend corner, the Internal Revenue Service today reminded
taxpayers that it offers extensions for those who can't complete
their forms and installment plans for those who can't pay.
If you can't finish your tax form on time, you can get an
extra four months -- until Aug. 15 -- to file your return by sending
Form 4868 to the IRS by Apr. 17. This filing extension does not give
you more time to pay any taxes owed. You must estimate your total
tax liability when requesting the extension. You may pay any
projected balance due with the Form 4868, but if you can't pay the
full amount, you can still get the extension.
Interest charges apply to any tax not paid by Apr. 17. You
may also be liable for a late payment penalty if the amount paid by
Apr. 17 is less than 90 percent of your actual 1994 tax.
If you've completed your tax forms, but you can't pay the
full amount owed, you should still file your return on time, since
the late filing penalty is ten times the late payment penalty. Send
as large a payment as possible with your return, to lessen interest
and penalty charges, which currently total an annual rate of 16
percent -- ten percent annual interest, plus a late payment penalty
of 0.5 percent per month.
You can ask the IRS for an installment payment plan when you
file. There is a $43 fee for setting up the plan. Attach Form 9465
to the front of your tax return, listing the amount you propose to
pay each month and on which day. The IRS should let you know within 30 days if your proposal is accepted. You will add the $43 fee to your first payment.
If you did not have enough tax withheld last year, you
should act now to avoid this problem next year. Get a 1995 Form W-4
from your employer or from the IRS and use it to find the proper
number of withholding allowances for your situation. Claiming fewer
allowances -- or asking your employer to withhold an extra amount
each payday -- will spread your tax payments more evenly throughout
Make your payment check out to "Internal Revenue Service,"
not "IRS." Be sure the check includes your name, address, Social
Security number, a daytime phone number, the tax year and the form
you filed. Do not attach your check to your tax form, and do not
include any 1995 estimated tax payment.
As of April 7, the IRS had received nearly 68 million
returns, and had issued over $47 billion in refunds so far. At
$1,087, the average refund is up six percent from last year.
1995 Filing Season Statistics
Cumulative through the week ending 4/8/94 and 4/7/95
1994 1995 % Change
Individual Income Tax Returns
Total Receipts 68,142,000 67,858,000 -0.4
Total Processed 58,576,000 56,727,000 -3.2
Electronic Filing (ELF) -- Total Receipts:
Standard ELF 12,683,000 10,236,000 -19.3
TeleFile 490,000 635,000 29.6
Total Electronic 13,173,000 10,871,000 -17.5
Federal/State ELF 1,066,000 1,408,000 32.1
States participating or testing: 1994 - 23; 1995 - 29
Refunds Certified by the Martinsburg Computing Center as of 4/3:
Number 47,860,000 43,641,000 -8.8
principal $49.054 billion $47.426 billion -3.3
Average refund $1025 $1087 6.0
(NOTE: refund data should NOT be compared to the "processed"
numbers above, since those figures reflect Service Center
processing, which is generally completed the week before
refunds are certified at the Computing Center)
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