When you are not able to file your icone tax returns by the due date, you can opt for an extension. But remember, a 4868 extension provides the grace period until Oct 16th but this does not extend the time to pay the tax. Interests and penalties will be included in all taxes which are not paid by the deadline April 18. In few scenarios, federally declared disaster area gets a 6-month extension automatically and people need to request.
Last Minute Tips to File Individual Income Tax
For the taxpayers who have not filed the extension, the IRS offers the last minute tips as follows:
The taxpayers can file their returns electronically. Efiling reduces tax return errors as the tax calculator of the software application provides accurate calculations, prompts the taxpayers for missing information. When you are a first-time taxpayer or filing the tax returns just before the due date, it is advisable to e-file IRS federal income tax returns through an IRS authorized tax service provider in order to submit on time and to reduce the rejection factors.
When you are expecting a refund from the IRS, then the fastest way to get your refund is through electronically. You can get your refund directly deposited into your bank account.
Many taxpayers who owe tax amount to the IRS will wait until the last moment to file their returns. In that case, your payment must reach the IRS on time before the due date and you have multiple payment options to pay the tax amount. They can use Direct Pay, EFTPS, electronic funds withdrawal, debit or credit card to pay the tax due.
Filing an Income Tax Extension Form 4868
Apart from last-minute filing, there is also another situation where the taxpayer is not ready to file the tax returns by the due date. In that case, the taxpayer can request an extension. This extension gives the taxpayer an extra 6 months of time to file the returns. But it does not increase the time to pay the tax due. When the tax due is not paid before the deadline April 18th, the IRS penalties and interests will be charged. The IRS approves the extension request when the taxpayer files the Form 4868 properly without any errors. The taxpayer need not specify any reason to file the extension.
Etax4868.com as an IRS approved E-filing partner e-files the extension request at free of cost for our valuable clients. These extensions are free for everyone, regardless of a person’s revenue. So in order to opt for an extension what can be done? Taxpayers can file Form 4868 to get an extension. By filing an extension through IRS 4868 Tax Form, the taxpayers can make their payment either partial or full federal tax payment using Direct Pay, Electronic Federal Tax payment system or credit card or debit card by the due date of April. When you are making an electronic payment, then there is no need to file a separate Form 4868 and indicate it is for Form 4868 or extension.
Penalties and Interests
When the taxpayer knows that he cannot file the tax returns before the deadline or cannot pay the full tax amount, he/she could consider filing and paying the tax due that they can in order to reduce the IRS penalties and interests. Failing to file either the tax return or the extension request by the due date of April 18th will increase the IRS penalties.
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