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The income tax deadline falls on April 15, but an extension is possible.
Filing an Extension
An income tax extension allows you more time to prepare all your tax documents and helps you avoid the tax penalties for being late. You can file an income tax extension online through various websites, as long as it is done before the deadline. This extension is automatic and will give you until October 15 to file your return, which gives you more time to go over your eligible deductions. You can get this extension one of two ways:
The IRS has a form online that is convenient and easy to use. If you choose to file for an extension online, be certain to use a provider that is approved by the IRS. You can use the form provided as a worksheet while you e-file, but do not also send in the paper form. You can e-file by using your own personal computer or going through a tax professional. Either way, you want to be certain it is done before the income tax deadline so you are not charged a failure-to-pay penalty.
Understand that when you file for an extension, it does not exclude you from paying any taxes owed nor does the extension give you more time to pay.
Filing a Paper Form
If you choose to paper file your extension, you will need to file Form 4868. The form must be submitted by April 15. You may also make payment in full or part at this time, which is necessary in order to receive the extension.
When You Do File Your Return
When you file your return, be certain to include any payments you have made during the extension. On Form 1040, you will enter this amount on line 67. If using Form 1040A, enter the amount on line 43, an on 1040EZ you will enter on line 10. Do not forget to enter “Form 4868” with the amount paid on these.
In the event of your tax extension getting denied , the IRS will notify you and give an explanation. Just follow the instructions, correct the mistakes, and re-submit the extension.
Note that filing an extension does not increase your chances of an audit.
Filing an Extension
An income tax extension allows you more time to prepare all your tax documents and helps you avoid the tax penalties for being late. You can file an income tax extension online through various websites, as long as it is done before the deadline. This extension is automatic and will give you until October 15 to file your return, which gives you more time to go over your eligible deductions. You can get this extension one of two ways:
- Use the IRS e-file
- File a paper form
The IRS has a form online that is convenient and easy to use. If you choose to file for an extension online, be certain to use a provider that is approved by the IRS. You can use the form provided as a worksheet while you e-file, but do not also send in the paper form. You can e-file by using your own personal computer or going through a tax professional. Either way, you want to be certain it is done before the income tax deadline so you are not charged a failure-to-pay penalty.
Understand that when you file for an extension, it does not exclude you from paying any taxes owed nor does the extension give you more time to pay.
Filing a Paper Form
If you choose to paper file your extension, you will need to file Form 4868. The form must be submitted by April 15. You may also make payment in full or part at this time, which is necessary in order to receive the extension.
When You Do File Your Return
When you file your return, be certain to include any payments you have made during the extension. On Form 1040, you will enter this amount on line 67. If using Form 1040A, enter the amount on line 43, an on 1040EZ you will enter on line 10. Do not forget to enter “Form 4868” with the amount paid on these.
In the event of your tax extension getting denied , the IRS will notify you and give an explanation. Just follow the instructions, correct the mistakes, and re-submit the extension.
Note that filing an extension does not increase your chances of an audit.
