Here’s What You Need to Know!
Most tax payers know that the deadline for filing their federal taxes is April 15 th of each year. During the month of January, the deadline seems like it is far away, giving you plenty of time to get your paperwork in order. Ideally, this timeframe also allows you to get together the money that you need to pay your bill if you end up owing money to the IRS.
Reasons Why You Might Need to File a Tax Extension
Although the reasons for filing a tax extension vary, they typically involve missing paperwork. If you need more time to find receipts or documentation, filing an extension can be helpful. For other tax filers, the problem is related to the issue of procrastination. It’s a common circumstance, and it is usually solved with the filing of a tax extension that gives the tax payer additional time to get the paperwork completed.
You Still Have to Pay Your Taxes by the Deadline
Guess what? Even if you request to receive an extension on filing your tax forms, you still have to pay the taxes you owe by the deadline. If you don’t make your payment on time, you will be subject to penalties and interest charges that will lead to an even bigger payment.
What You Need to Know about Filing a Tax Extension
In order to request an extension for the filing of your income taxes, you must complete Form 4868. You can file a paper application that you mail to the IRS, or you can complete it electronically and send it in the same manner. Your submission of Form 4868 must be sent in before the April 15th deadline.
How Much Additional Time Do You Get
Your extension provides you with six extra months during which to complete your tax forms and submit them to the IRS.
What If You Need Help
A professional tax preparer from IQTAXX can assist you in filing your request for a tax extension if you would like help in doing so. Your representative can also assist you in completing your income tax forms in time to meet your new deadline.
What to Do If You Expect a Refund but You Don’t Have Time to Submit Your Tax Forms?
Although it isn’t recommended to simply ignore completing your income tax forms in time to meet the April 15th deadline, you do have three years to do so if you do not owe any taxes. You will not receive your refund for the overpayment of income taxes until you complete your forms and they are accepted by the IRS.
Disclaimer: It is recommended that you seek the assistance of a tax preparer if you intend to file an extension or to forego filing one because you don’t owe any taxes.