How To File For An Extension On Taxes

by Robert F. Read My Articles, Learn More...
The April 15th deadline for filing your federal taxes may be here faster than you think. If you need more time to gather your information or there are other circumstances that will interfere with your ability to complete your return, you can learn how to file for an extension on taxes to extend your due date. Keep in mind that this is only for filing your tax return, not an extension for payment. If you need more time to pay, you will need to work out an installment plan that allows you to pay your tax debt through monthly payments or, in some situations, make an Offer in Compromise that allows you to pay a smaller amount than the amount of your total debt. The extension is specifically for extending the amount of time you have to complete your tax return and your estimate of what your tax liability will be is expected to be paid on time.

The Form 4868 that is used to apply for an extension can be obtained online along with instructions on how to file for an extension on taxes for 6 months. The form is short, simple and serves as a worksheet to determine how much you will need to pay. You are not required to send a partial or complete payment with the application but interest and possible penalties will be added to the amount you owe if you do not pay by the determined deadline.

Form 4868 is for use by individuals filing their individual federal income tax. Companies and other types of organizations will need to look up the guidelines to learn how to file for an extension on taxes by using Form 7004 and Form 1138. There are also additional extension forms that can be acquired online which apply to a variety of circumstances such as extensions for certain employee plan returns or those for exempt organizations.

Cooperating with the IRS

Many people avoid dealing with the IRS, fearing that they are always working against them to collect what is theirs. They may avoid communicating with them for fear; it will cause them to have to pay more. In reality, the IRS is willing to work with tax payers to ensure that they find the resolution that is best for both of them. A great deal of valuable information can be found at including “how to file for an extension on taxes” and the forms that you will need.

If you are unable to file your taxes by the deadline due to an illness or injury, you may need to hire a tax preparer or accountant to take care of the filing process for you. These tax professionals will have access to the Form 4868 needed to apply for an extension and they know how to file for an extension on taxes on your behalf. Whatever your reason for applying for the extension, they will be able to advise you on what is required and which documents you need to address your current situation.

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