Please help. Is it too late to file for a tax exemption?

Question

My friend doesn't have enough $ to pay her taxes--she has about half of what she owes.

If not too late, what form(s) does she need? (State of NJ).

Thank you. Best answer gets 10 pts.

SORRY, I meant EXTENSION not exemption.

Answer 1

File Form 4868 to extend the filing date of the federal return to 10/16/07.

http://www.irs.gov/pub/irs-pdf/f4868.pdf?portlet=3

File Form NJ-630 for a NJ extension.

http://www.state.nj.us/treasury/taxation/pdf/other_forms/tgi-ee/2006/06630.pdf

She should make a payment, even if its not the total amount. You can also file extensions online and make a payment by credit card. See the instructions above.

Answer 2

There is on such thing as a tax exemption. You can file and extension but that won't help- that merely extends the period of time for filing the return. Taxes are still do with the extension form.

There is a way to set up a pmt plan w/ the IRS but the interest rates are insane. she'd be better off w/ a loan from a bank or credit union.

Answer 3

she can file a tax extension online at the irs website or send one in the mail BUT IT MUST BE POSTMARKED BY APRIL 17TH OF THIS YEAR. Make sure she files, to avoid penalties, but filing an extension would help give her more time to pay.


ps. next year she should probably make estimated tax payments in order to avoid paying so much all at once.

Answer 4

File the return to avoid the late filing penalty. Send what you can with the return when you file it. You will get a notice back that you owe money (duh!!). Then call the toll free number on the notice and set up a payment plan; usually monthly. Simple and sweet solution?