If the life is in a way of filing the tax return and the deadline is April. Then there is just one thing that might give you some kind of relief and that is the tax extension. You might have the tax extension after filling out the IRS Form 4868. Then you need to mail it and you might do this process online too. Following are a few do’s and don’ts.
Find Out the Stamps
There is nothing bad with such things which are a bit old-fashioned and then sending in your form by the snail mail (this is not more than one page long). Though, you just have a proof that it was actually mailed.
Use the Tax Software to Get Your Tax Extension
In case you do not need to fill a paper Form 4868 for an extension. You need to first see in case the tax software actually supports the Form 4868. Most of the software’s actually do. You might only follow instructions of a program and then you see how you can file the tax extension online.
You Can Head to the IRS’s Free File Site
In case you do not have a plan in order to use the tax software and have not decided yet which of the software you would use. Then you need to consider the Free File website of IRS.
There are partners of IRS along with the nonprofit organization that is called the Free File Alliance. This is to give those people who earn less than 66,000 dollars of the adjusted gross income access to the tax-prep software without any charge from twelve software companies.
Anyone could go to the file extension online. You need to note that a Free File website might not provide you the extensions throughout the whole year. Thus, that is actually for a good reason.
Remember To Pay the Taxes by the April Deadline
Getting the extension doesn’t provide you additional time to pay. This just provides you additional time in order to file the return. Hence, even when you might not file the return by the deadline of April then you are required to estimate the tax bill. And thus pay the amount that possible for you at that time. Something that you have after a deadline is actually subject to the interest and the late-payment penalty.
This happens even in case you have the extension. Thus, you may catch the break on a late-payment penalty in case you have paid out at least 90 percent of the actual tax liability by a deadline. You give the rest with the return.
To File the Return by October Deadline
In order to make a request for the extension and then make the estimated payment in April are only half of your work. You actually need to file the final return.
A real problem occurs in case you do not file the return by the 15th of October. That is when the penalties go off a chart. You need to keep this in your mind that there is still the deadline and thus not to still continue in order to procrastinate.
Do Not Be Worried or Embarrassed
There are several people who think that to get the extension means that you are an actually terrible person and would get on bad side of IRS. That is actually a bunk.
There is an urban legend which all of the sudden you are about to have audited. Hence, there is some other way around. IRS is actually assigning the audit teams and also computer system analysis to the people who have filed. If you file the extension then you are staying out of the radar of the IRS for much longer, that is alright.
A Note about the Military Members and Overseas Taxpayers
There are few people who do not actually need to be worried about the filing of tax extension form. In case you are an American citizen or a resident who is living and working outside of his motherland on the April deadline. Then you might automatically have 2 extra months in order to file the return and also pay an amount that is due without requesting the tax extension.
