File your Extension (Form 4868) by APRIL 12, 2012.
1. FORM 4768 – Federal Tax Extension for estate taxes.
2. FORM 5558 – Federal Tax Extension of time to file specific Employee Plan Returns.
3. FORM 8809 – Federal Tax Extension of time to file information returns.
4. FORM 8868 – Federal Tax Extension of time to file an Exempt Organization Plan.
How Do I File For the Federal Tax Extension?
5. FORM 8892 – if you wish to automatically have your federal tax return extended every year.
The Internal Revenue Service provides an e-filing option, which allows you file for the extension through the Internet. To access this expedited service please visit the IRS.
Additionally, if you are unable to file your federal individual income tax return by Tax Day, you may be permitted to receive an automatic 6-month extension. To do this, you must file Form 4868 (The Application for Automatic Extension of Time to File United States Individual Tax Return.) This form, which may be obtained directly through the Internal Revenue Service’s website, must be submitted to the IRS by the due date for submitting your calendar year turn (frequently April 15th).
If you are a resident of the United States or are a Resident Alien, but is currently living abroad, you must file Form 2350, Titled: The Application for Extension of Time to File United States Income Return for Special Tax Treatment.
What to Watch for when you file a Federal Tax Extension:
You should be cautious of the following after you file for a Federal Tax Extension:
• If the Internal Revenue Service thinks your tax estimate is off or unreasonable, the agency may impede or wholly disallow you from extending your tax return. If this is the case, you will be deemed susceptible to incurring late fees and other penalties associated with a late filing.
• If you do not accurately calculate your taxable amount (if you lowball the figure) you will have to pay interest on whatever amount you failed to deliver by the tax date.
• If you send the Internal Revenue Service less than 90 percent of the tax you owe, you will be assessed a penalty of ½ percent of the underpayment for every month you fail to pay the remaining balance. For instance, if you pay $1,000 on Tax Day (April 17th of 2012) but later discover you really owed $1,500, you will owe ½ percent per month on the $500 that is past due. This equates to approximately $2.50 per month, until you pay the remaining balance.
• If you need to file a state tax extension you must contact your local taxing agency/government. In the U.S., state tax extension guidelines will vary.
What is the Federal Tax Extension?
If you are unable to complete your federal tax return by the mid-April deadline, you can buy yourself additional time by filing for the Federal Tax Extension.
The Federal Tax Extension effectively pushes “Tax Day” (the day your taxes must be received by the internal Revenue Service) back 6 months, awarding you more time to file your return. Filing for the Federal Tax Extension allows you to bypass the fees associated with late filings. There is; however, a catch—the federal tax extension only pushes your due date for the paperwork, and not money owed (if applicable). Therefore, if owe the IRS money, you must estimate the amount, then file the federal tax extension and make your payment by Tax Day (April 12th of 2012).
Filing your taxes on time is important, but sometimes life gets in the way. If you find yourself needing more time to file your taxes, you can request a federal tax extension. In this article, we’ll go over what a tax extension is, why you may need one, and how to file for an extension with the IRS.
What is a Federal Tax Extension?
A tax extension gives you more time to file your federal income tax return. Normally, individual tax returns are due on April 15th of each year. However, if you need more time to gather information or prepare your return, you can request an extension. With a federal tax extension, you’ll have an additional six months to file your return. This means your new deadline will be October 15th.
Why Would You Need a Federal Tax Extension?
There are many reasons why you may need a tax extension. Here are a few common situations:
1. You’re waiting for important documents: If you’re missing key documents that you need to prepare your tax return, such as 1099s or W-2s, you may need more time to collect them.
2. You’re dealing with a life event: Major life events such as a death in the family or a sudden illness can interfere with your ability to prepare your taxes on time.
3. You’re experiencing financial hardship: If you’re struggling to pay your tax bill, you can request an extension in order to give yourself more time to come up with the money.
4. You’re overwhelmed with other responsibilities: If you’re busy with work, school, or other responsibilities, it can be difficult to set aside time to prepare your taxes.
Whatever the reason, if you need more time to file your taxes, requesting an extension can be a helpful solution.
How to File for a Federal Tax Extension
Filing for a federal tax extension is easy. Here’s what you need to do:
Step 1: Determine whether you’re eligible for an extension.
Anyone can request a tax extension, but it’s important to note that an extension only gives you more time to file your return, not more time to pay your taxes. If you owe money to the IRS, you’ll still need to pay your estimated tax liability by April 15th in order to avoid penalties and interest.
Step 2: Decide how you want to file your extension.
There are two ways to request a federal tax extension: online or by mail.
If you want to file your extension online, you can use the IRS’s Free File system. This service is available for individuals with incomes under $72,000. You’ll need to create an account with the IRS and provide your personal information, including your Social Security number, date of birth, and mailing address.
If you prefer to file your extension by mail, you’ll need to complete Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. You can download the form from the IRS website or pick up a at your local IRS office. Once you’ve completed the form, mail it to the address listed on the form. The form must be postmarked by April 15th.
Step 3: Calculate your estimated tax liability.
Even if you’re requesting an extension, you’ll need to estimate how much you owe in taxes. You can use the IRS’s Tax Withholding Estimator to calculate your estimated tax liability. The estimator will take into account your income, deductions, and credits to give you an estimate of how much you’ll owe.
Step 4: Pay your estimated tax liability.
Remember, even if you’re requesting an extension, you’ll need to pay your estimated tax liability by April 15th. You can pay online using the IRS’s Electronic Federal Tax Payment System (EFTPS), or you can mail a check or money order to the address listed on Form 4868.
Step 5: Wait for confirmation.
After you’ve filed your extension request, you’ll receive a confirmation from the IRS. If you filed online, you’ll receive confirmation immediately. If you filed by mail, it may take a few weeks to receive confirmation. Make sure to keep a of your extension request for your records.
Tips for Success
Here are some tips to keep in mind when requesting a federal tax extension:
1. Don’t procrastinate: If you know you’ll need more time to file your taxes, don’t wait until the last minute to request an extension. Procrastinating can lead to unnecessary stress and can increase your chances of making errors on your return.
2. Estimate your tax liability carefully: When calculating your estimated tax liability, be sure to include all of your sources of income and deductions. Failing to estimate your tax liability accurately can result in penalties and interest.
3. Pay your estimated tax liability on time: Remember, even if you’re requesting an extension, you’ll still need to pay your estimated tax liability by April 15th. If you don’t, you could face penalties and interest.
4. Keep good records: When filing for an extension, make sure to keep a of your request and any documents related to your estimated tax liability. Good record-keeping can help you avoid problems down the line.
Conclusion
Requesting a federal tax extension can be a helpful solution if you need more time to file your taxes. Whether you’re waiting for important documents, dealing with a life event, experiencing financial hardship, or simply overwhelmed with other responsibilities, an extension can give you the extra time you need to prepare your returns. By following the steps outlined in this article and keeping our tips in mind, you can successfully file for a tax extension and avoid unnecessary stress and penalties.
