How to File Federal Tax Extension

How to File Federal Tax Extension

How to File Federal Tax Extension


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). 





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