Posted by The TaxAdvocate Group, LLC

How to File for Tax Extensions Beyond July 15

How to File for Tax Extensions Beyond July 15

A couple of months back, the IRS announced an extension for the tax deadline. Hence, all taxpayers have till July 15, 2020, to file and pay their tax, as opposed to the April 15 original deadline. Such filing will not incur a late penalty charge, additional interest, or any form of sanction.

This relief also concerns additional returns. This means that the extension also applies to every taxpayer with filing and payment deadlines on April 1, 2020. People, trust, estates, and non-corporate tax filers qualify for this extra time. The implication of this is that everyone, including Americans not on the U.S. soil, have till July 15 to file their 2019 federal income tax return.

Extension of time to file beyond July 15

There are times individuals might need extra time to file beyond the July 15 deadline. Such persons can request for an extension till October 15, 2020. The person, however, needs to fill Form 4868 via IRS.gov, tax software, or their personal tax accountant.

For businesses who need extra time, they should file Form 7004. It should be noted, however, that a filing extension does not translate to a payment extension for owed taxes. If you need extra time to file, consider your tax filing liability. Also, paying all owed tax before the July 15 deadline will help avoid any interest or additional penalty. 

IRS.gov assistance 24/7

Since the coronavirus has halted the operation and regular working hours, the IRS live telephone assistance is temporarily unavailable. Everyone can, however, get tax assistance online via IRS.gov as regular operations will commence when the world sees some victory. There are various tools and accessories available online, which can help taxpayers through the tax process and even answer their questions. Hence, everyone can search for Interactive tax assistance, get FAQs, and also check their status via IRS.gov/Refunds. 

How to file for the extension

Filing a tax extension is pretty easy, more comfortable than completing your returns. Filing is free, and it can be done electronically as there are tax templates from tax prep companies. With this, you can review your tax bill, which will help you make the correct payment.

There is also the option to print out Form 4868 and mail it to your state’s IRS address before the July 15 deadline.

Also, if you do not want to file a new extension, you can either pay part or all of your estimated tax liability. Taxpayers can use the Electronic Federal Tax Payment System (EFTPS), Direct Pay, or a debit or credit card. You make the payment with the indication that it is for an extension.

There will be a confirmation number to help you track this. 

Will I still get my tax refund?

If you qualify for a tax refund, you will only get it after filing your tax refund, which is when the IRS processes it. The extension is applicable only when you are filing your tax returns. It does not give you the grace to delay paying Uncle Sam what you owe.

As a result, you need a correct estimation of what you owe. And bear in mind that paying too little can subject you to interest on the amount left when it is the deadline. There is a penalty of 0.5% of the underpayment each month until you balance up if you pay less than 90% of what you owe.

Does this affect the state tax extension?

There is a distinct tax extension rule for every state. More information will be available on the state's tax authority website if you need an extension.

For folks not on U.S. soil or resident alien living and working outside the U.S and Puerto Rico, the June 15 extension automatically applies to you. There is no need to file for an extension request for this. This also applies to people in the force, servicemen and women outside the U.S. and Puerto Rico.

In filing for your return, there should be an additional statement explaining why you merit the June 15 deadline. If you need the October 15 extension, all you need is form 4868, which must be filed before June 15.

The TaxAdvocate Group, LLC
Contact This Member