IRS Tax Extension Explained
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Filing tax returns is one of the main reasons why most people in the US hate the tax season! Filing tax returns requires a lot of time and accurate documentation to give out an estimate of the tax due one owes to the government. April 15 is the official deadline to submit tax return forms and the number of people failing to do that is fairly high. Once failed to do so, the penalties are going to pile up month after month, until the returns are filed and the payments are done.
While some people fail to do so because of their lethargic attitude, most people who fail are unable to gather all the required documents within the time or were simply preoccupied with other important work. Considering this situation, the taxpayers of US are provided with a provision called IRS tax extension, which allows for an extension on the deadline with zero penalties. This article is a collection of the most frequently asked questions about IRS tax extension in many websites and social media platforms.
What is an IRS tax extension?
It is a tax benefit offered by the IRS to help those taxpayers who are unable to file and submit their tax return forms on or before April 15. The deadline to submit the return form is extended for 6 months, i.e. until October 15; and in addition, no penalties are awarded if an extension is filed and approved.
How to apply for an IRS tax extension?
The procedure is pretty simple, starting with filling out the tax extension form 4868. This form is made available by the IRS on its website which one can download and print for free. Generally the IRS doesn’t consider the reasons for extension seriously and almost 98% of the time these forms are approved without any hassle or trouble. Name, contact details, residential address and social security number are the only documents you would need to fill out these forms.
What is e-filing?
IRS tax extension forms can be filled and submitted in two ways-paper form and via internet, the latter being the most preferred and used. There are many e-file provider websites who will further ease the procedures for you and ensure that your extension form is approved. E-filing is fast, reliable and absolutely cheap when compared to the traditional paper form. Once the filled out form is sent out, its status can be tracked and once received and approved by the IRS, a confirmation mail is also received by the taxpayer, which certainly doesn’t happen in the paper form.
Does IRS tax extension mean extension of tax payment as well?
A big no! This is one of the hastiest conclusions some taxpayers come to when they file for an extension of time. The deadline to pay all the tax dues you owe to the government is April 15 and there is no provision available to extend that. If failed to do so, the penalties are added every month to your existing tax due, thus increasing your financial burdens.
What is the deadline for IRS tax extension?
Though an extension period of 6 months is provided on filing your tax returns, April 15 remains the last day to file for an extension. Failing to do so, you are no longer allowed to avail the provision of extension and paying penalties is the only way out.
This Article was written by Marcus Cherep. Visit our site at survivingtaxes.com for more details.