As the tax deadline approaches, many taxpayers may find themselves in a rush to file their returns. If you are unable to complete your tax return by the April 15th deadline, then requesting an extension might be a good option for you. Here’s how:
Step 1: Determine if You Need an Extension
If you need more time to file your taxes, then requesting an extension is a simple and straightforward process. However, keep in mind that filing for an extension only gives you extra time to submit your forms, but not pay any taxes owed.
Step 2: Requesting an Extension
To request a federal tax extension, fill out Form 4868, which is available on IRS.gov or through many tax software programs. Alternatively, you can request an automatic six-month extension by making a payment using IRS Direct Pay or Automatic Clearing House (ACH) payment options.
Step 3: Filing Your Return
Once you have filed for the extension and received confirmation from the IRS of its approval, make sure that you take advantage of this additional time wisely. Use it productively by collecting all necessary documents and receipts required to prepare and file accurate returns.
When completing Form 1040 with the new October deadline in mind (the typical extended due date), estimate as best as possible how much money they owe before sending it off along with any payments owed according to whatever schedules have been agreed upon between them (such as quarterly payments).
Don’t forget that despite obtaining these extensions one should still make every effort possible in order not only meet deadlines when submitting paperwork but also pay outstanding debts timely!
By following these steps outlined above and carefully planning ahead of time allows for peace of mind knowing everything has been taken care of so there will be no unexpected surprises come October!
FAQs
How long is the extension period I can get for filing my taxes?
Answer: The IRS allows you to request a six-month extension which means that if your original tax deadline was April 15th, it will now be extended until October 15th.
Can anyone file a tax extension?
Answer: Yes, anyone can file a tax extension request using Form 4868 through mail or electronically by accessing the IRS website.
Will filing for an extension increase my chances of being audited by the IRS?
Answer: No, applying for an extension and obtaining one will not impact your chances of being audited in any way. However, keep in mind that you still need to provide accurate and complete information while filing for the taxes even if you have got an extention as this could avoid additional penalties and interests associated with incorrect or incomplete submission of taxes.
