You Qualify For A Tax Payment Extension From The IRS

May 17, 2021 is approaching fast. For some, it’s their individual tax deadline but for those who have a lot on their plate and too much to wrap up, it's the deadline to file Form 4868. It may not seem like it, but the IRS is somewhat reasonable. They realize you could have possibly misplaced important documents and need more time, unexpected life events happen, and time can simply just slip away. This is why they have created Form 4868.

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 (October 15, 2021).

The 3 Ways To Request A Form 4868

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: You can e-file from your personal computer. 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 by mail. Be mindful that if you are a fiscal year taxpayer, you must file a paper Form 4868.

Form Sections

Form 4868 is broken down into two parts. The first being identification and the second is where you’ll plug in all tax information.

Part I - Identification
This is the section where your name(s) will go. If you are filing a joint return you must list the names of both spouses, so they appear on the return. Mailing addresses, Social Security number (SSN), and employer identification number (EIN) are also fields included in this section.

Part II - Individual Income Tax
In this section is where you’ll be filling out the estimate of total tax liability, be sure to be as accurate as possible. Total payments, balance due, and the amount you’ll be paying will also need to be inserted here. Have these important pieces of information on hand for quick filing.

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, “My dog ate my homework” excuse.

Take the time to put in your extension today. We’d rather you be safe than sorry and paying some pretty costly penalties.

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