In general, almost all the tax payers are permitted to avail a 6 month tax extension by filing Form 4868 for U.S individual income tax, except when you are bounded by the U.S instruction policy. The policy states that you can avail 6-month extension unless you want IRS to figure out your tax or you are under a court order to file your tax by the regular due date. Continue reading
It is well-known that filing Form 4868 lets you to have spare time for filing your extension tax returns. But many of us are unaware of automatic 2-month extension of time to file and pay our income tax returns.
You are eligible to have an automatic extension of time if,
If your situation applies to any of the guidelines above, then you are fit to benefit the choice of automatic 2-month extension of time to file your return and pay any federal income tax that is due. For example, if the regular due date for your return falls on April 15, your automatic extended due date would end by June 15.
How to use this extension?
To use this automatic 2-month extension, you have to enclose a statement on your returning, briefing about your situation (One of the above) that hinders you from filing your tax return.
Want more time to file your return even after automatic 2-months extension?
If you couldn’t file your tax returns within the automatic 2-months period, you will get additional 4 months to file your return (totally 6 months like default). You can wait without requesting for additional 4 months, till IRS issues the new due date, which is allowed by automatic 2-month extension. To benefit the additional 4 month extension file Form 4868 as usual. A noteworthy info here is, you will not get additional time to pay (unlike automatic extension), other than time to file.
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Federal tax returns are due by April 15 every year. But, there is a provision with the IRS to request extension of time to do the same. Form 4868 has to be returned to the IRS which gets you an automatic 6-month extension for you to file your income taxes. Obtaining an extension to file doesn’t mean an extension to pay your taxes. You have/ought/should/must do the same by the given due date. We hope all of us including you, know this. In case you are going to file for the very first time, we hope the information is clear.
Have you ever wondered if there are any ‘if’s to claim an extension of time for filing taxes? Yes or no, here we present to you certain ‘if’ items to remind or instill in your mind respectively.
Inadequate Tax Information
“Granting time to transform, data imperfection to tax perfection.”
For just an asking, you get an addition of time. That’s what IRS says through form 4868 for filing federal income taxes. Additional time means more time to return accurate documentation to the government. Talking about a practical example, if you’ve lost the W-2 your employer sent you, it is better off to wait for the duplicate one to reach you in the meantime and then file the taxes. So, if that’s the case, it is where you take an extension of time.
Surprising Life Events
“Surprise that can stop tax surprises”
IRS understands the ability of life events to interfere with your ability to file taxes. Under any circumstance that may leave you unable to file taxes on time like birth, death, illness or anything like that, it is to be considered an important ‘if’ condition to apply for an extension. While the IRS does not need an explanation for extension, you have all the reasons to pay it on time and take an extension request.
The Time that Can Save you Some Tax
“Spending some time to extend can save money to some extent”
If you think that an extension of time that can in turn get you some substantial tax savings, well you can apply for an extension. For example, an IRS conversion may take some time in the meantime, filing an extension can eliminate your obligation to pay the tax.
An Important ‘If’
“If it’s an e-file extension, it is extensiontax.com”
It’s an undoubted statement that e-file is the best option to file any tax form. Extension tax form 4868 is not an exemption. What makes the difference is, knowing the users and making the usability of the tax software as simple as expected. And if it is that, it is extensiontax.com
Even though the tax filing deadline is later than usual this year – April 17 – many taxpayers may still need more time to file their tax return. If you need extra time, you can get anautomatic six-month extension of time to file from the IRS.
Here are six important things you need to know about filing an extension:
1. File on time even if you can’t pay If you completed your return but you are unable to pay the full amount of tax due, do not request an extension. File your return on time and pay as much as you can. To pay the balance, apply online for a payment plan using the Online Payment Agreement application at www.irs.gov or send Form 9465, Installment Agreement Request, with your return. If you are unable to make payments, call the IRS at 800-829-1040 to discuss your options.
2. Extra time to file An extension will give you extra time to get your paperwork to the IRS, but it does not extend the time you have to pay any tax due. You will owe interest on any amount not paid by the April 17deadline, plus you may owe penalties.
3. Form to file Request an extension to file by submitting Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return to the IRS. It must be filed by April 17, 2012.
4. E-file extension You can e-file an extension through www.extensiontax.com. You must e-file the request by midnight on April 17, 2012. The IRS will acknowledge receipt of the extension request if you e-file your extension.
5. Electronic funds withdrawal If you ask for an extension via one of the electronic methods, you can also pay any expected balance due by authorizing an electronic funds withdrawal from a checking or savings account. You will need the appropriate bank routing and account numbers.
6. How to get forms for Paper Filing Form 4868 is available for download from the IRS website or you can pick up the form at your local IRS office.
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