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How to Apply for a Personal Income Tax Extension? [336]

 Filing your taxes on time is one of the most important duties. Your financial credibility goes down when you do not pay your taxes on time. But there may be cases when you do not have all your financial records when you need to file your tax returns. During such times, you need to be aware that the IRS gives you an opportunity to file your taxes a little later than the prescribed time. This is through the IRS tax form 4868.

 
What is form 4868?
 
Form 4868 is an Automatic Extension of Taxes form. As the name indicates, this form automatically extends your tax filing time by 6 months. This form needs to be used only to file your personal taxes. All your finances related to your business and taxes corresponding to that cannot be filed using this form. All you need to do is the fill in the details and submit the form. You will be granted extra time to collect the required financial information to file your taxes.
 
How to file tax extension?
 
Using this form 4868 you can apply for a tax extension. You need to file your tax extension using the online forum. You can also fill the form and manually submit the same to the IRS. You need to produce your SSN (Social Security Number), valid address proof and your approximate amount of taxes for the year while applying for the tax extension. However, while filing your taxes, you need to produce the actual tax numbers.
 
You also need to make sure that you have paid all your existing taxes for the previous year, while filing for the extension for the current fiscal year. If you have a huge deficit that you owe to the IRS, the IRS can reject your plea for current tax extension.
 
The IRS can also reject your request if the details that you produce in the form do not match with the internal server details.
 
When to file for tax extension?
 
Tax extension can be filed any time before the tax day. You need to remember that if you do not file your tax extension before the tax day, the IRS puts your name into the tax defaulters. All penalties that are applicable for not filing your taxes on time will be applicable if you do not file for a tax extension before the tax day.
 
Reasons for filing a tax extension
 
You can apply for a tax extension if you need more time to gather your financial records. You can also file for an extension when you are out of town during the tax seasons. However, you do not have to mention the reasons for your tax extension in the form while applying for the same.
 
Remember:
 
Reasons like procrastination should not be used to file for a tax extension. Filing for tax extension takes the same time as filing for your actual taxes. So if you have your documents in place, it’s better to file your taxes instead of applying for an extension.
 

FileLater is an IRS authorized e-file provider that has a team of tax professionals helping individuals and businesses understand how to apply for a tax extension (http://www.filelater.com/resources/personal-income- ) electronically, to extend their income tax filing deadlines, through an easy to use online application. For more on e-filing tax extension forms, visit About.com.

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