Knowlopedia
Valued Contributor
Tax season can be a stressful time of year, and if you find yourself unable to complete your tax return before the April 15th deadline, you may need to file an extension. Filing an extension on your taxes is a simple process that will give you extra time to get all of your documents in order and submit them to the IRS.
The first step in filing an extension is to fill out Form 4868. This form is available online or at any IRS office. It’s important that you provide accurate information on this form, including your name, address, Social Security number and estimated tax liability for the year. Once completed, you can mail it in or submit it electronically through the IRS website.
Once Form 4868 has been submitted, the IRS will grant you an automatic six-month extension until October 15th. During this period of time, you are not required to pay any taxes due; however, interest may accrue on unpaid balances after April 15th. To avoid interest charges and late fees it’s best to pay as much as possible when submitting Form 4868.
When filing an extension with the IRS it’s important that you keep track of all paperwork related to your taxes such as W-2 forms and 1099s from employers or clients who paid you during the year. You should also keep copies of any deductions or credits that apply so that they can be included when filing your return later on down the line.
Filing an extension does not mean that taxes are waived altogether; rather it gives taxpayers more time to gather their documents and submit them properly without incurring penalties or interest charges from the IRS for late payments or incomplete returns. If done correctly filing an extension can be a great way for taxpayers who need more time to get their finances in order before submitting their return by October 15th
The first step in filing an extension is to fill out Form 4868. This form is available online or at any IRS office. It’s important that you provide accurate information on this form, including your name, address, Social Security number and estimated tax liability for the year. Once completed, you can mail it in or submit it electronically through the IRS website.
Once Form 4868 has been submitted, the IRS will grant you an automatic six-month extension until October 15th. During this period of time, you are not required to pay any taxes due; however, interest may accrue on unpaid balances after April 15th. To avoid interest charges and late fees it’s best to pay as much as possible when submitting Form 4868.
When filing an extension with the IRS it’s important that you keep track of all paperwork related to your taxes such as W-2 forms and 1099s from employers or clients who paid you during the year. You should also keep copies of any deductions or credits that apply so that they can be included when filing your return later on down the line.
Filing an extension does not mean that taxes are waived altogether; rather it gives taxpayers more time to gather their documents and submit them properly without incurring penalties or interest charges from the IRS for late payments or incomplete returns. If done correctly filing an extension can be a great way for taxpayers who need more time to get their finances in order before submitting their return by October 15th
