Income Tax Extension Form Basics

by Robert F. Read My Articles, Learn More... Everyone has to pay income tax. For most people, this tax is taken directly out of your paycheck before you even get anything due to the way most companies work. With that being said, some people will always have to file their information manually. If they filled out the wrong tax information for their company to begin with then they will likely have to make corrections and maybe even file a payment when the income tax return time rolls around in the spring. Some people simply cannot file their return on time because they do not have the right amount of time to fill out all the paperwork by the due date. If that is the case, there are tax extension forms which are available that can be used to get a six month extension on the tax return filing deadline. This deadline will be extended until October 15th instead of the normal April 15th deadline.

Income Tax Extensions

Anyone can file a tax extension for their income tax. Extensions are made to allow people to get all of their information together in the right way so that they can file their return in a complete way and avoid being charged any type of late filing penalty. Some people will simply wait too long or do not want to do it until October. The important thing to remember in this situation is that they need to estimate the tax that they owe as best as they possibly can so that they can pay that on time and avoid any extra fees when they finally do the filing. Otherwise they may owe fees dating all the way back to six months earlier.

Generally, the people who are going to be filing will have complex economic situations and they need extra time to file their returns because of that. They are usually requested when someone cannot file the paperwork correctly on time or, at least, they do not believe that they will be able to. People who have invested in businesses will usually not get their K-1s back from those businesses in time to do the taxes and make the filings. This is why they are not due until a later date when you file a correct extension.

Special Cases

There are some special cases which are different from normal tax filing extensions which should be mentioned as well. Here are some of those cases which bear mentioning:

•    If you are a soldier and you are serving in a combat zone or are simply located outside of the United States, then you should note that you still have to pay on time and you might get penalties and interest. With that being said, you have about 180 days after the stated deadline to file the extension form starting from the time that you return to the United States.

•    If you are a business, you have to file a different form than you would if you were not filing in a business capacity.

Sponsor Ads

• Ad Space Available - Rent it Now!

Created on Dec 31st 1969 18:00. Viewed 0 times.

Comments