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As the April 15th tax season deadline quickly approaches, it’s imperative to be proactive and ensure that you have all the necessary documentation and paperwork to file your income tax return on time. But what if you’re not ready to file by the deadline? That’s where an IRS tax extension can be beneficial. When securing a tax deadline extension, you can defer the due date for filing your taxes and give yourself more time to complete it. In this blog, we’ll discuss how to request an IRS tax extension and the benefits of doing so.
What is an IRS tax extension?
An IRS tax extension is a request sent to the IRS to extend the due date for filing your taxes. This extension gives you more time to gather the necessary documents, complete them, and submit your taxes. It does not, however, extend the time to pay any taxes. Additionally, if you do not pay the taxes by the original due date – you will be subject to penalties and interest.
How to file for tax extension
The best way to get an IRS tax extension is to file Form 4868. This form is available online and can be submitted electronically or by mail. When you file IRS form 4868, you will need to provide personal information such as your name, address, social security number, and an estimate of your tax liability for the tax year. You will also need to include the payment for any taxes due. Additionally, you can specify a future date when the IRS should expect your income tax return instead of the usual April 15 deadline.
Benefits of an IRS tax extension
The primary benefit of an IRS tax extension is that it gives you extra time to prepare and submit your taxes. It can be advantageous if you are dealing with complicated tax matters or awaiting the arrival of additional documents. Furthermore, an extension can help you avert future penalties and interest charges imposed for failing to file your taxes on time.
When to prepare and e-file a tax extension
If you cannot file your taxes by the April 15 deadline, you can file a tax extension to give yourself additional time. By filing a tax extension, you notify the IRS that you need more time to prepare and submit your taxes. To do this, complete and submit tax form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. You will then need to submit the payment for any taxes due.
What if you are expecting a tax refund?
If you are expecting a refund, there is no need to file a tax extension. The IRS will not charge you interest or penalties for filing your return after the due date.
How to find out your tax liability?
The best way to know how much you owe in taxes is to use the IRS’s tax calculator. The calculator will allow you to enter your income, deductions, credits, and other tax information to determine your estimated tax liability. You can also use the IRS’s website to create an online account and view how much you owe in taxes. The website will provide a breakdown of the taxes you owe, including any penalties and interest that may be due. Additionally, you can contact a tax professional for help with understanding your tax liability and using direct pay.
Tax extension for U.S. Citizens, Resident Aliens living abroad
U.S. citizens and resident aliens living abroad may be eligible for a tax extension. The Internal Revenue Service (IRS) allows taxpayers who qualify to submit their taxes on or before June 15, 2021, instead of the traditional April 15, 2021 deadline. To be eligible, an individual must meet some criteria, including:
- Residing outside the United States and Puerto Rico for at least 330 days of a consecutive 12-month period.
- Having a valid U.S. passport or other documentation that verifies the taxpayer’s foreign residence.
Taxpayers who qualify for the extension may file their taxes using Form 4868 and must pay any taxes due by the June 15 deadline. Extensions can be requested online or by mail.
Automatic Tax Extension for the Military
The IRS provides an automatic two-month extension of time to file U.S. income tax returns for members of the military serving in a combat zone. This extension is available to members of the Armed Forces, their spouses, and any individuals serving with them. To qualify for the automatic two-month extension, individuals must meet the following criteria:
- Must be serving in a combat zone.
- Must be a member of the Armed Forces, their spouse, or an individual serving with them.
- Must file a U.S. income tax return.
Individuals who qualify for the automatic two-month extension – do not need to file Form 4868. Instead, they should write “Combat Zone” on the top of their tax return. The two-month extension begins when the individual enters the combat zone and ends two months after they leave it.
What to do about a rejected tax extension request?
If the Internal Revenue Service declines your tax extension request, you should contact the IRS to discuss the reason for the rejection. Depending on the cause, you may be able to submit an amended tax return or request an additional extension. Furthermore, the IRS may be able to provide more guidance and advice on how to address the issue.
Be proactive in handling your taxes
In conclusion, the importance of proactively applying for an IRS Tax Extension before the tax day cannot be overstated to avoid costly late filing penalties and fees. Our professional tax expert can provide invaluable tax advice to ensure that you are well-equipped with the knowledge and information regarding your rights and responsibilities related to the timely filing of taxes. By taking these proactive steps, you can rest assured that you are on track with your tax filing requirements and enjoy a greater sense of peace knowing that everything has been taken care of properly.
