How To File An Extension For Taxes
If you just don't have everything together, you may be wondering how to file an extension for taxes. If you owe and just don't have the money to pay you can ask for a little more time to get things straight. The extension paperwork is due the same day taxes are due. This is traditionally April 15, but it can vary. if granted, you will get a six month extension on your taxes.
To file for a tax extension you will need:
- completed tax return
- access to a computer or an IRS office near you
- Determine that you need to file an extension for taxes. As you prepare your taxes you may notice that you owe money. Make sure that you have no way to pay on time. Remember that if you file an extension for taxes, there are certain changes and fees that are going to apply. You want to be sure about this decision before you proceed.
- Fill out Form 4868. This is the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. You will need to give your basic identification information as well as the amount of taxes that you owe. Skipping over parts or providing incorrect information will cause delays and they will not be in your favor, so make sure everything is accurate.
- You will need to pay a fee. Even if you are letting the government know that you are going to file an extension for taxes you will still have a late payment penalty. Usually this fee is based on the date that you end up paying and the amount that you owe.
- File online. You can fill out Form 4868 online and file electronically. In this case, you have the option to pay part of the taxes that you owe by credit/debit card. If you can't pay any of it, just make sure that you submit the paperwork. Print out a copy to keep on hand.
- You can file through the mail. You still need to fill out Form 4868, but you can print out a copy. Make sure everything is accurate and send it in. It will need to be mailed by the deadline when taxes are due.
- You will receive a response from the IRS. They will set up an account and mail you a bill that lets you know the amount that you owe and how much time you have to pay. Keep any and all documentation that you have.
Once you know how to file an extension for taxes you can give yourself a little extra time to come up with the money.