Every year, millions of people in the United States are required to pay taxes to the Internal Revenue Service (IRS). For those who are unable to complete and submit their taxes by the April 15th deadline, there is the option to file for an IRS Tax Extension. This article will provide an overview of everything you need to know about an IRS Tax Extension.
What Is an IRS Tax Extension?
An IRS Tax Extension is an extension of the deadline to file your taxes. The IRS automatically grants taxpayers six months to file their taxes, meaning that the new filing deadline will be October 15th. It is important to note that while an extension gives taxpayers more time to file their taxes, it does not give them extra time to pay any taxes that are owed. Any taxes owed are due by the original April 15th deadline.
Who Can File for an IRS Tax Extension?
Any taxpayer who is unable to complete and submit their taxes by the April 15th deadline can click here now to file for an IRS Tax Extension. This includes individuals, businesses, and other entities. It is also important to note that it does not matter why a taxpayer is unable to meet the April 15th deadline- they will still be able to file for an extension.
How to File for an IRS Tax Extension
Taxpayers can easily file for an IRS tax extension online. The easiest way to do this is to go to the IRS website and use the Free File link. This will allow taxpayers to file their extension for free in a matter of minutes. Taxpayers can also file for an extension by mailing Form 4868, Application for Automatic Extension of Time to File, to the IRS. In order to file for an extension, taxpayers must provide their name, address, and Social Security number
Benefits of Filing an IRS Tax Extension
There are a few key benefits of filing an IRS Tax Extension. First, it gives taxpayers more time to prepare their returns. This is especially helpful for those who are dealing with complicated taxes, such as self-employed individuals or those with multiple sources of income. Second, an extension gives taxpayers the chance to review their returns more carefully and ensure that they are accurate. Finally, filing an extension can help taxpayers avoid late filing penalties, which can be quite costly.
How to File an IRS Tax Extension
Filing an IRS Tax Extension is relatively simple. First, taxpayers need to complete and submit Form 4868, which is the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. This form can be found on the IRS website and must be completed and submitted by the April 15th deadline. It is important to note that taxpayers will still have to pay any taxes owed by the April 15th deadline. If a taxpayer is unable to pay the full amount due, they should contact the IRS to discuss their options.
In conclusion, an IRS Tax Extension is an extension of the deadline to file taxes. It is available to any taxpayer who is unable to file their taxes by the April 15th deadline and can be a great way to avoid late filing penalties. To file an IRS Tax Extension, taxpayers must complete and submit Form 4868. It is important to note that any taxes owed are still due by the April 15th deadline.
