Filing a Tax Extension with the IRS can delay your tax return deadline by up to 6 months. Filing a tax extension can be very helpful to those with very complicated tax returns. The additional time to file the return can give taxpayers and tax preparers more time to prepare the return. This allows for better attention to be paid to the little details of each return so that you may get the most out of your credits or refunds. Continue reading
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Need More Time to File Your Tax Return! Use Form 4868
IRS form 4868 is officially termed as the “Application for Automatic Extension of Time to file U.S Income Tax Return”. This is a tax extension form especially designed for individuals filing for income tax to the IRS. Moreover, an individual has the benefit of getting a tax extension for the below tax forms:
- Form 1040
- Form 1040A
- Form 1040EZ
- Form 1040NR
- Form 1040NR-EZ
Explaining Form 4868:
As mentioned above, form 4868 can be used by individuals who wish to extend the time for filing their tax returns. It is important to mention the complete details when filing for an extension such as name of the taxpayer, the place of residence, social security number, payments made, due amount, etc to get an extension up to six months. However, it is good to know that it does not extend the taxpayer needs for paying the complete tax liability but only extends the time required for preparing the paperwork for filing the tax return. Taxpayers should keep in mind that the deadline to file for form 4868 is April 15th.
The Process:
Taxpayers are advised to prepare a rough draft of their tax return before filing, thus getting an idea if they have to pay or need a refund. To help them save time and efforts there are certified CPA’s to help them. Moreover, there are websites like ExtensionTax.com providing assistance to tax payers for calculating the tax returns and save time.
After preparing the rough draft, tax payers have two options. They can either file their tax return online or download the form and mail it to the respective address. Filing for tax extension online is recommended, as this help tax payers file from the comfort and convenience of their house and save the environment too.
For those filing their tax extension online should make sure to verify the details provided and rectify the errors. It is good to cross-check the social security number and other details before e-filing the form 4868.
As a reminder, form 4868 is only a way to stretch the due date by six months for filing the tax return. Make sure you pay the amount, as well as file for an extension before April 15th. Call us @ 1-866-245-3918 for complete assistance and get your queries answered.
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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
Things You Should Be Aware Of, When You Want to File For a Tax Extension
No matter what your motive is behind filing an extension to file your taxes, as long as you fill-out the form (Form 4868 for individuals, Tax Form 7004 for businesses) correctly, you are automatically granted with an extension time of 6 months for your request. Remember that the IRS doesn’t care (and doesn’t ask) why you’re filing for a tax extension. But before getting into the actual filing of extension tax in order to acquire more time to file your taxes, here are some important points to take note of.
1. Do Not File Extension, If You Can’t Pay.
In case you have completed your return but unable to pay in full to the IRS, you should file your return first hand and then later apply for an Online Payment Agreement (OPA) based on the bill or notice sent by the IRS for the balance due.
2. Supplementary Span in Hand
The comfort of extension is applicable only for filing and so, you cannot extend time to pay your taxes. You will owe interest on any amount not paid by the deadline, plus you may owe penalties.
3. Extension Forms
You can submit your request for extension via Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return), Form 7004 (Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns) or Form 8868 (Application for Extension of Time to File an Exempt Organization Return).
4. Extension via E-file
If you would like to relax your tax related filing tension during extension, you have a great chance with e-filing the same. Extension Tax does it for you and checks your form for mistakes to ensure smooth submissions. Notifications for you will also be on time once the IRS approves your extension, which again is matter of minutes with internet filing. Note that it is always good to be aware of internet scams and taking care of your personal information.
5. Electronic Funds Withdrawal
If you ask for an online extension, you can also choose to 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. Form Availability
The IRS website has downloadable forms for filing extensions. Well, you can even order for one at 800-TAX-FORM (800-829-3676). But downloading forms from the website, taking print out of it, understanding the nuances of tax in it, filling the details all by yourself, going in person to file it or sending it to the IRS via courier, dealing with errors and rejections due to silly or major mistakes, filing it again with uncertainty is all just like reading this very line that you have just read. Too lengthy and complex. Also, Telephone requests normally take 7 – 15 days to process and ship. It is immediately available full time and also for easy filing on extensiontax.com.
So, it is always a wiser idea to opt for e-filing your extension tax forms in comparison to paper filing any form that too through extensiontax.com. It’s because filing an extension on extensiontax.com doesn’t make you wait one extra moment in just the minutes of time it consumes to prepare and process your extension request.
Need Extra Time to Complete Your Tax Return? File for an Extension
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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