Personal Tax Extension Form 4868
is due on Tuesday, April 18
A Personal tax extension uses Form 4868, officially called an Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.
If you don't think you'll be able to hit that dreaded April 18 deadline, you can get an extension easily by e-filing IRS Form 4868.
The IRS will grant you an extra six months to file your returns and the deadline will be on October 16. Remember, this doesn't extend the time for payment if you owe anything to the IRS.
U.S. taxpayers who live and work abroad have an automatic two-month extension to file their tax returns, putting their filing deadline at June 15.
In order to E-file form 4868 i.e., a personal extension, you'll need your name, address, social security number. If you're married and filing jointly, you'll need the same information for your spouse.
All that is needed for filing an IRS Form 4868 is basic information such as filing status, name, address, and social security number. Individuals must also know their estimated taxes owed. In some cases, an individual should consult with their Tax Professional before Filing for Extension.
The Filing Process is easy and can be even easier if one selects to E-File. The IRS is heavily pushing the new E-Filing Process and many tax professionals believe that E-Filing will be required in the very near future. It is widely believed to be the safest, fastest, and easiest way to file a return. There is also no need to leave your office or home, to go to the Post Office. E-Filing Software is easy to find online.
One such provider is www.expressextension.com. It is very simple and takes just about 10 minutes to complete. Individuals also Receive a confirmation from the IRS once their application is processed.
ExpressExtension currently offers state extensions for Illinois, Florida, Michigan, South Carolina and North Carolina. For all others states, we offer detailed information on how to file your state extension.
IRS Form 4868 does not extend the time for payment of tax. Generally, payment of any balance due according to IRS Form 4868 is required by the due date of the return for which this extension is filed. Individuals, however, are allowed to pay less than the total amount due.
An installment plan can be setup with the IRS, and/ or penalties and interest depending on the exact situation. Please consult with the IRS directly in this type of situation.
The late payment penalty is usually ½ of 1% of any tax (other than estimated tax) not paid by April 18, it is charged for each month or part of a month the tax is unpaid. The maximum penalty is 25%.
The late payment penalty will not be charged if you can show reasonable cause for not paying on time. Attach a statement to your return fully explaining the reason. Do not attach the statement to Form 4868. You are considered to have reasonable cause for the period covered by this automatic extension if at least 90% of your actual 2016 tax liability is paid before the regular due date of your return through withholding, estimated tax payments, or payments made with Form 4868.
A late filing penalty is usually charged if your return is filed after the due date (including extensions). The penalty is usually 5% of the amount due for each month or part of a month your return is late.
The maximum penalty is 25%. If your return is more than 60 days late, the minimum penalty is $135 or the balance of the tax due on your return, whichever is smaller. You might not owe the penalty if you have a reasonable explanation for filing late. Attach a statement to your return fully explaining your reason for filing late. Do not attach the statement to Form 4868.