How to File for a Tax Extension?

Bruce Markey

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Filing for tax extension is an option available to people through which they can ask for extra time for filing their tax return. The entire procedure is quite easy and simple. However, it is crucial for tax payers to be aware of all the rules and guidelines involved in the process. Once the request for tax extension is granted the deadline for filing tax return gets extended for six months, which means from April 15 it extends to October 15. An important thing worth remembering is that the extension is applicable at the time to file the tax return and does not give additional time for paying the tax.

Before filing for a tax extension, it is suggested to prepare a rough estimate of the tax return. This is crucial as it gives a good idea about whether one needs to pay or is eligible to get a refund. The next step is to visit the official website of IRS and download Form 4868, which is the Application for Automatic Extension of Time to File U. S. Individual Income Tax Return. This form should be filled and in case tax is owed, then a check for the estimated amount should also be written.

After filling the form, it should be mailed along with the check before April 15. For those who do not find this method convenient, another alternative is available in the form of filing the extension online. The same form can be downloaded from the IRS website, filled and submitted electronically. It does not take much time and can be done conveniently from the comfort of one's home. Conversely, the assistance of a tax professional can also be taken.

Besides being aware of the right procedure of filing for tax extension, people should also know about a few important points, which should be kept in mind in order to avoid any complications.

In case money is owed to the IRS, then the tax must be paid fully by the deadline, which is April 15. Failing to do this can lead to penalties, which are calculated by the IRS according to the outstanding balance.

Filing an extension and paying taxes using debit or credit card is also possible. The list of debit and credit card services approved by the IRS can be checked on the IRS website. However, it must be remembered that these third party service providers also charge a fee to process tax payments.

The option to request tax extension is highly convenient and can be availed by anyone, depending on their situation. So, in order to file for a tax extension, one needs to create a rough draft of his tax return and fill the Form 4868. The form can be submitted by mail or electronically, whichever option seems more convenient as per individual preference. After the form for tax extension has been received, an acknowledgement letter is sent which can serve as a proof later on.

For anyone looking to apply for a tax extension, it is recommended to know the process as how to file for a tax extension and the rules applicable. To make it convenient for taxpayers looking for detailed information about tax extension, all the guidelines and rules are available online. Not adhering to the deadline can lead to interest and penalties.

This Article was written by Marcus Cherep. Visit our site at http:survivingtaxes for more details.


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