Tax season can be a stressful time for many Americans, especially those who are struggling to gather all the necessary documents and information to file their tax return. If you find yourself in this situation, the good news is that the Internal Revenue Service (IRS) offers an option to file for a tax extension using Form 4868. In this guide, we will provide a step-by-step process for filing for a tax extension using Form 4868 and the benefits of doing so.
What is IRS Form 4868?
IRS Form 4868, also known as the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, is a form that taxpayers can use to request an extension of the deadline to file their income tax return. The form is available for both electronic and paper filing.
Step-by-Step Guide to Filing for a Tax Extension using Form 4868
Step 1: Determine your Eligibility
To be eligible to file for a tax extension using Form 4868, you must be a U.S. citizen or resident alien and have paid at least 90% of your total tax liability for the year by the original tax deadline, which is usually April 15th.
Step 2: Download Form 4868
You can download Form 4868 from the IRS website or request a paper copy by calling the IRS at 1-800-TAX-FORM (1-800-829-3676).
Step 3: Fill out the Form
The form requires you to provide your name, address, Social Security Number or Individual Taxpayer Identification Number, and estimated tax liability for the year. You will also need to estimate your total tax liability and subtract any payments or credits you have already made. This will give you the amount of tax you still owe.
Step 4: Choose your Filing Method
You can file Form 4868 electronically using tax preparation software or by using the IRS’ Free File service. Alternatively, you can mail a paper copy of the form to the appropriate IRS address listed on the form.
Step 5: Submit the Form
If you choose to file electronically, follow the instructions provided by your tax preparation software or the IRS Free File service to submit the form. If you choose to mail a paper copy, be sure to include your payment for any remaining tax liability with the form.
Step 6: Wait for Confirmation
Once you have submitted the form, you should receive a confirmation from the IRS indicating that they have received your request for an extension. If you file electronically, you will typically receive a confirmation within 24 hours. If you file by mail, it may take several weeks for the IRS to process your request.
Benefits of Filing for a Tax Extension using Form 4868
If you’re an individual or business owner who needs more time to file your taxes, you can request how to file tax extension. This will give you an additional six months to file your return, though you will need to pay any taxes owed by the original deadline.
Avoid Late Filing Penalties
If you are unable to file your tax return by the original deadline, you may face penalties and interest on any unpaid taxes. Filing for an extension using Form 4868 can help you avoid these penalties by extending your filing deadline by up to six months.
Reduce Stress and Pressure
Filing your tax return can be a time-consuming and stressful process, especially if you are rushing to meet the deadline. Filing for an extension using Form 4868 can provide you with additional time to gather all the necessary documents and information, reducing the stress and pressure associated with the filing.
Accurately Estimate Your Tax Liability
If you are unsure about your tax liability for the year, filing for an extension using Form 4868 can provide you with additional time to accurately estimate your tax liability and avoid mistakes or errors on your tax return.
When is the Deadline to File for an IRS Tax Extension?
If you need more time to file your taxes, you can request a tax extension from the IRS. This will give you an additional six months to file your return. The deadline to file for a tax extension is April 15. However, if you are a US citizen or resident alien living outside the United States, you may have an automatic two-month extension.
Conclusion
Filing a tax extension with the IRS Form 4868 is quick and easy. With this form, you can get an extra 6 months to file your taxes. Just make sure that you are aware of any penalties associated with filing late when it comes time to complete your return. Additionally, it’s important to note that while filing Form 4868 gives you additional time, if you owe taxes then they will still be due on April 15th even if you have an extension.
