How To File a Tax Extension Form 4868?

by James Antonio Marketing Head

For many taxpayers, filing taxes can be an overwhelming task. But luckily, the IRS offers an extension to file your tax return if you cannot do it by the April 15th deadline. Filing Form 4868: Application for Automatic Extension of Time To File U.S. Individual Income Tax Return is easy. It gives taxpayers an extra six months to file their tax returns without incurring any late fees or other penalties. In this article, we will provide a step-by-step guide on how to file Form 4868 so that you can get the much-needed extension from the IRS.

What is a tax extension form 4868?

If you’re unable to file your taxes by the April deadline, you can request a tax extension using form 4868. This will give you an additional four months to file your return. However, it’s important to note that an extension of time to file is not an extension to pay any taxes owed. You’ll still need to estimate your tax liability and send in any payment due by the April deadline.

If you’re expecting a refund, there’s no need to file for an extension. The IRS will automatically process your return and issue any refund due once it’s received.

For more information on filing for a tax extension, including how to do it online, visit the IRS website.

Who can file a tax extension form 4868?

If you’re an individual or sole proprietor, you can file Form 4868 to request an automatic 4-month extension of time to file your income tax return.

If you’re a partnership, corporation, or trust, you can file Form 7004 to request an automatic 6-month extension of time to file your income tax return.

To get either extension, you must estimate your tax liability on the extension form and pay any amount due. You’ll avoid penalties and interest by paying at least 90% of your true tax liability by the regular due date and the remaining balance when you file your return.

How to file a tax extension form 4868?

If you’re unable to file your taxes by the April 15 deadline, you can request a tax extension using form 4868. This will give you an additional 6 months to file your return, until October 15. Here’s how to file form 4868:

Go to the IRS website and download form 4868.
Fill out the form with your personal information and the reason why you’re requesting an extension.
Calculate your estimated tax liability using the worksheet included in the form.
Mail form 4868 to the address listed on the form instructions. You can also submit it electronically through the IRS website or a third-party tax preparation software like TurboTax.

Once you’ve filed form 4868, you’ll automatically have an extension of time to file your return. However, this does not extend the time you have to pay any taxes owed — if you owe taxes, you’ll need to make arrangements to pay them by the April 15 deadline.

When is the deadline to file a tax extension form 4868?

The deadline to file a tax extension form 4868 is April 15th. However, if you are a U.S. citizen or resident alien living outside the United States and Puerto Rico on that date, you get an automatic 2-month extension until June 15th.

What are the penalties for not filing a tax extension form 4868?

If you don’t file Form 4868 by the April deadline, you’ll generally face a late-filing penalty. The penalty is usually 5% of the unpaid taxes for each month or part of a month that a return is late. The maximum penalty is 25%. If you file your return more than 60 days after the due date or extended due date, the minimum penalty is $135 or 100% of the unpaid tax, whichever is smaller.

If you do not file a tax extension form 4868, you may be subject to penalties. The penalties for not filing a tax extension form 4868 can include interest charges, late filing fees, and additional taxes. If you cannot pay the full amount of taxes owed, you may also be subject to penalties.

Conclusion

Filing an extension form 4868 is a simple process and can make the difference between being able to meet your tax obligations and struggling to do so. By taking advantage of this extra time, you can ensure that your taxes are filed correctly and on time later in the year. With just a few easy steps, you can submit Form 4868 and rest assured knowing that you have taken care of one important task towards filing your taxes.

Reference: https://dancing-numbers.medium.com/how-to-file-a-tax-extension-form-4868-35d54db48ccc