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2 Things To Know About Filing A Tax Extension
Louane Dumont
If you were not able to get your taxes completed on time, the IRS allows you to file an extension. When you file an extension, you are given six extra months to complete your taxes after the tax deadline.
1. How to Get a Tax Extension
You can get an extension on your taxes by filing an extension form with the IRS. The extension form 4868 allows you to get an automatic extension easily. You can complete the extension form and mail it to the IRS.
This method will take longer for you to get your approval for an extension. Or you can file an extension online. Some online services will charge you for filing an extension, so expect to pay a small fee if you use an online service.
For a tax extension, you don't need to provide a lot of information. You basically just need to provide your contact information, social security number, or tax ID. It is a very simple form. You don't have to provide an explanation for why you want to file for a tax extension.
You will be asked if you owe money on your taxes, and if so, how much money you think you owe. You will also be asked how much you have already paid in taxes. This is important information, as anything you have already paid will help save you from penalties down the line.
2. Extensions Aren't for Your Payment
When you file a tax extension, you are not getting an extension to pay your taxes. You are able to avoid the late-filing penalty as long as you complete your taxes by the extension deadline. However, if you don't pay your taxes before the official tax due-date, you will still face a late payment penalty. If you owe money on your taxes, it is best to pay as much as you possibly before the official April tax deadline to minimize the penalty that you will have to pay on your late taxes.
However, if you can't pay at all right now, that is okay. It is better to get an extension and not pay your taxes on time than it is to avoid paying and filing your taxes.
If you need more time to file your taxes, make sure that you pay as much of your tax bill as you can before the tax deadline. Then, be sure to file for an extension so that you can avoid a late filing penalty. By filing for an extension, you will give yourself an extra six months to complete your taxes. For more information, contact your preferred financial planning service today.
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