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You Need To Know About Filing an Income Tax Extension

Summer has started and people are yet to file their annual tax returns with just a month’s time in hand. In this busy schedule of their life, they wouldn’t be ready to file their returns within this month. Taking all these considerations, IRS has introduced something new where all the taxpayers can request the IRS to increase the timeline as per their convenience. Having said that, there are a lot of things that you have to consider before extending the timeline.

There is a form named Form 4868 which is known as Application for Automatic Extension of Time in order to file the U.S. Individual annual income tax return that actually extends the deadline to about 6 months from the actual deadline. This you can submit it in the IRS office or online depending on your convenience. Just to note that this extension is to file your annual tax return and not an extension for paying your taxes that are due for the year. When you are submitting this Tax Form 4868 to IRS, remember to add any other taxes that are due in order to avoid any conflicts of interest or penalties including the late fees, otherwise, all these will be included when you are filing your returns.

Tax Form 4868 states this term “Automatic Extension” that basically means that you are submitting this form to IRS in lieu of your tax returns by the deadline set by the authorities of IRS. Upon submission, IRS will initiate the process of extension automatically and will give you the revised timeline to file your returns. You need not have to take any further actions upon submitting this form. The extension that you are filing is a period of good six months giving you enough time frame to file your tax return without any hassle.

It is always advisable to take actions as soon as possible in order to avoid any penalties or interest charges imposed your returns. There is always a deadline restricting you to submit the return within that time frame, so it is required for you to be aware of any kind of personal situation so as to determine the time you require in terms of extension. If you already realized that within the assigned deadline you would not be able to file the return, you can submit the 4868 Tax form in advance to notify the IRS that you are asking a new deadline to file your deadline. There are three ways to file this extension:

  • Electronically filing the Tax Form 4868 via online submitting the form available in the official website of IRS.
  • Filing tax form 4868 via electronic mail or e-mail and notifying IRS with a valid reason for the extension.
  • Pay the entire amount or partial amount of your tax that is due using your credit or debit card in the EFTPS system (Electronic Federal Tax Payment System).

It is always recommended to go through the instructions before taking any step when it comes to the taxes whether it’s paying the return or asking for an extension, so make sure to go through the terms and conditions available in the website.

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