Last minute tax panic? You’re not alone. Every year, millions of Americans find themselves scrambling to file their taxes as the deadline looms. But don’t worry, there’s a solution: filing an extension. This article will guide you through the process of filing an extension in minutes, saving you from the stress and potential penalties of late filing.
Why File for an Extension?
Filing for an extension provides several benefits. First, it gives you additional time to gather all of your paperwork and make sure that you have everything necessary to accurately complete your tax return. Second, it helps avoid any penalty fees associated with late filing.
Steps to Filing for an Extension
Here are some simple steps on how to file for a tax extension:
Step 1: Gather Necessary Information
Before beginning the process of filing an extension, make sure you have all the relevant information handy. This includes your Social Security number or taxpayer identification number, your current address, and an estimated amount owed (if applicable).
Step 2: Choose Method of Filing
There are several methods available when filing for a tax extension. You can file online using IRS Form 4868 at the IRS website, or you can submit a paper application by mail.
Step 3: Fill out Required Information
To fill out IRS Form 4868, follow these instructions:
- Input personal information in Part I;
- Provide estimated taxes due in Part II;
- Make payment if necessary or choose automatic withdrawal from bank account; and
- Sign and date the form.
What Happens After You File an Extension?
After you file an extension, you’ll receive a confirmation from the IRS. This confirmation will indicate that your extension has been approved and will provide you with a new deadline for filing your taxes. Remember, an extension only gives you more time to file your taxes, not to pay them. If you owe taxes, you’ll need to estimate the amount and pay it when you file for an extension.
Common Questions About Filing for an Extension
Q: What is a tax extension, and why would I need one?
A tax extension gives you more time to file your federal income tax return. If you’re struggling to get all of your paperwork together by the April 15th deadline (or whichever deadline applies in that year), then filing for an extension can give you up to six extra months (typically until October 15th) without facing penalties.
Q: How can I file for a tax extension quickly?
There are several ways you can file for a tax extension quickly:
- E-file through IRS Free File or other online software.
- Visit the IRS website and submit Form 4868 electronically.
- Use IRS Direct Pay or any payment processor like PayUSAtax.com and they will guide you through form 4868.
It’s important to note that even if you receive an automatic extension of time to file your federal income taxes, any taxes owed still need to be paid by the original due date.
Q: Is there a fee associated with filing for a tax extension?
No, there isn’t any fee associated with submitting Form 4868 or electronic extensions as long as it is submitted before the April 15th deadline. However, it’s important to note that while filing an extension doesn’t cost anything on its own but requesting additional time does not relieve taxpayer from paying their estimated full liability on time so interest may apply on pending amount after April 15th deadline along with late payment penalties.
If you’re feeling overwhelmed or pressed for time during this year’s tax season, don’t panic! By following these quick steps on how to file a proper tax extension online it will only take moments before you’re granted additional time to file your taxes. Take a deep breath, gather your necessary information and proceed with the peace of mind that comes from knowing you have more time to complete your tax return accurately without penalty fees or late filing charges.