Time is slowly ticking to get your income tax return in.
Don’t feel like you can meet the deadline in time for Tax Day? Don’t worry. The IRS has you covered.
File an Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, also known as Form 4868. The Form 4868 gives you up to six months to get yourself together.
Missing important documents? No problem you can now file for an extension. The IRS won’t even hassle you as to why the extension is needed.
The deadline to file a Form 4868 is Monday, April 15th.
Did you know that for every month you are late on your taxes you will be charged a fee equivalent to 5% of your tax amount? The cap is 25% after five months of noncompliance.
The minimum penalty is $135 or 100% of your owed tax amount, whichever is the smallest value of the two.
How To Apply
There are 3 ways to extend your tax deadline. You can pay electronically, E-file, or Send in a paper Form 4868. It is important to note that Form 4868 only pushes back the filing of your tax documents. It doesn’t give you extra time to pay any taxes that you might owe. If you think you may owe money this year you’ll need to estimate the amount after filing for your extension.
Pay electronically: When you choose this method you don’t even need to file Form 4868. By making a full or partial payment, the IRS will automatically give you an extension of time to file.
E-File: When you e-file, you can do it on your personal computer or through a tax professional. Be sure to have a copy of your previous tax return. This information will be needed for verification. At this time you can choose whether or not to make a payment online, or send it in the mail.
Paper filing: With paper filing, all you will need to do is fill out a paper Form 4868, and send it to the IRS.
*Be mindful that if you are a fiscal year taxpayer, you must file a paper Form 4868.
Tips To Consider
- Have all necessary information on hand prior to beginning to file. (SSN, EIN, tax withholdings, tax liability, and estimated tax payment)
- If you E-file Form 4868 and mail in a check or money order, use a completed paper Form 4868 as a voucher and note with your payment that your extension was electronic.
- Review page 4 of the Form 4868 to ensure you are sending your form and payment to the correct address. Just because you live in a certain state doesn’t mean your payment is sent to that IRS mailing address.
- If filing over the phone or online, you’ll receive a confirmation number. It is important that you write the number down and keep it for your records.
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