Not all taxpayers are in a position to prepare and file their return by the deadline which is April 15. And therefore, there is always fear to face late filing penalties. Even though e-filing method has made it easier, many miss the chance to send return file to the IRS by this date. Fortunately, the IRS facilitates you an opportunity to file for an IRS Tax Extension. This will give you an additional time of six more months to get your task done without incurring a penalty. In other words, you will get an extra span of time until October 15 to complete your return.
Please note that if you owe taxes to the IRS, you will have to pay them by April 15. This does not mean that you have to file, but you have to pay anything you owe if you wish to keep away from getting charged interest.
When it comes to filing Income Tax Extension, you may need to start by estimating how much money you may owe. Moreover, it is also important to estimate because you may need to pay this estimated money by April 15. Please remember that you may not get slapped with a penalty by filing for getting six month extended period, but this does not prevent the IRS to charge interest. So, you can prepare a rough draft of your final return so that you may get a fair idea of what you will owe.
Once you complete estimating your return, then your actual process for requesting a six months additional time will start by filling out and sending 4868 Tax Extension form to the IRS. It is a crucial thing that your income tax extension is done by April 15. While dealing with this Form 4868, you will have to include an estimated payment if you are sure that you will owe the IRS some extra money.
Getting 6 moths extended time for preparing and filing return is not difficult task. You may consider taking helps from an IRS authorized e-filing service provider. They provide software that can help you do your task easily and comfortably. You can E File Tax Extension with the help of an authorized e-filing company and get an extra period for filing your return without getting penalties. Whether it is your requirement of personal or business tax extension, it will be an easy task to do it online with the help of software.