IRS Form 4868: How to File Tax Extension?

How to File Tax Extension IRS Form 4868?

Filing taxes can be a daunting and overwhelming process, especially for those who are running their own businesses. Fortunately, there is a way to extend your filing deadline if you find yourself in a tight spot. Through IRS Form 4868, the Automatic Extension of Time to File U.S. Individual Income Tax Return, you can file an extension for up to 6 months from the original due date of April 15th. In this blog post, we’ll walk you through how to file tax extension IRS Form 4868 so that you can get the extra time you need to make sure all of your paperwork is in order.

IRS Form 4868

If you cannot file your federal tax return by the April deadline, you can get an automatic 6-month extension of time to file from the IRS. To do so, you must file Form 4868.

You can pay all or part of your estimated income tax due and indicate on line 11 how much you are paying. If you do not pay enough by the due date, you will owe interest and may be subject to a late payment penalty. You should file Federal Form 4868 even if you cannot pay the full amount of taxes you owe.

If you need more than 6 months to file, you must request an extension on a different form (see below).

You do not have to explain why you are requesting an extension of time to file; however, if you want to provide additional information, write it on the back of Form 4868 and you must need to know how to fill out form 4868 attach it to your return when filed.

The Pros and Cons of Filing a Tax Extension

If you're thinking of filing a tax extension, you're probably wondering what the pros and cons are. Here's a quick overview

The Pros:

-You'll have more time to gather all the necessary documents and information.

-You can avoid penalties for late filing if you extend before the deadline.

-You may be able to lower your overall tax bill by taking advantage of deductions and credits that you wouldn't have otherwise known about.

The Cons:

-You'll have to pay interest on any taxes owed if you don't pay by the original deadline.

-There's no guarantee that the IRS will accept your extension (they can still deny it).

What Happens if You Don't File a Tax Extension?

The IRS will assess a late filing penalty if you don't file a tax extension. This penalty is 5% of the unpaid taxes for each month that the return is late, up to a maximum of 25%. In addition, the IRS will charge interest on any unpaid taxes. The interest rate is currently 4%, and it is charged from the date the return was due until it is paid in full.

How to File Your Taxes after Filing an Extension?

If you filed for a tax extension form 4868, you will need to file your taxes by October 15. You can do this online or by mailing in a paper return.

If you are filing online, you will need to create an account with the IRS. Once you have done this, you will be able to log in and access your tax return. You will need to enter all of the information from your tax extension form, as well as any additional information that is required for your return.

If you are mailing in a paper return, you will need to include a copy of your tax extension form, as well as any additional forms or schedules that are required for your return. Mail your return to the address listed on the form.

Conclusion

Filing a tax extension with extension form 4868 is a straightforward process. Hopefully, this article has provided you with the information and resources necessary to successfully complete the form and file your taxes on time. If you have any further questions or need assistance in filing your tax extension, contact an experienced accountant who can help you make sure that everything is submitted correctly.