The Application for Automatic Extension of Time to File U.S Individual Income Tax Return, better known as Form 4868, extends the deadline of the income tax return as far as six months. This means you won’t have to submit tax documents until October 15th, 2019.
The deadline to submit a Form 4868 is on Tax Day, April 15.
Form 4868 is for anyone who feels like they can’t meet the deadline. We get it and so does the IRS. Things happen, documents go missing, and time gets away from you.
It is vital to note that Form 4868 only pushes back the filing of your tax documents. It doesn’t give you extra time to pay any taxes that you might owe. If you think you may owe money this year you’ll need to estimate the amount after filing for your extension.
Three Ways To Get An Extension
1. Pay electronically: When you choose this method you don’t need to file Form 4868. By making a payment the IRS will automatically process an extension of time to file when you pay part or all of your estimated income tax electronically. This can be done online or over the phone.
2. E-File: When you e-file you can do it on your personal computer or through a tax professional. Be sure to have a copy of your previous tax return. This information will be needed for verification. At this time you can choose whether or not to make a payment online, or send it in via postal mail.
3. Paper filing: With paper filing, all you will need to do is fill out a paper Form 4868. You can choose to send it into the IRS in two ways. The first way is through the mail and the other would be through a private delivery service. Be mindful that if you are a fiscal year taxpayer, you must file a paper Form 4868.
If you are unsure on whether you can make the deadline it is important that you file an extension to be on the safe side. Choosing to file late can get pretty costly. The penalty can bee 5% of the unpaid taxes for each month or partial month it is late. If the return is more than 60 days late, the minimum penalty is $135 or 100% of the unpaid tax, whichever value is smaller.
What Filing A Form 4868 Means
Did you know that filing an extension doesn’t put you at higher risk of being audited? Generally, an extension is issued automatically and they won’t hassle you about why you are in need of an extension. So there is no need to pull out the old faithful, “My dog ate my homework” excuse.
Take the time to put in your extension today. We’d rather you be safe than sorry before paying some pretty costly penalties.
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