Form To File Federal Income Tax Extension | How Do I File An Irs Tax Extension Online

Form To File Federal Income Tax Extension | How Do I File An Irs Tax Extension Online 

IRS Tax Filing Extension: Filing Federal Form 4868 Tax Return Extension

Unless it falls on a holiday or weekend, April 15^th is the tax filing deadline in the United States.  If you need more time to file, your options and requirements are below.

A properly filed extension usually provides an automatic 6-month extension to file until October 15th.  Note: This is not an extension for payment.

Steps to Take to File for an Extension on Your Tax Return

• DETERMINE BEFORE April 15th if you will need to file an extension.
• Prepare a draft of your tax return to estimate what you owe.  If you can’t do this, ensure you estimate and pay at least 90% of what you will likely owe to avoid the Failure to Pay Penalty.
• File your extension (Automatic Extension Form (4868) through your chosen software or on the IRS’ website; complete and mail or efile the form on the IRS’ site. Alternatively, you can pay the IRS some or all you owe with a debit or credit card.  This gives you an automatic 6-month extension to file (using this method, you don’t have to file form 4868).
• When you file an extension, you must pay the approximate amount you owe in full, as indicated by the tax return’s rough draft.  This amount can be paid on or before midnight on April 15^th by credit card online or by check in the mail.  
• After you request your extension, it is best to file your final tax return within six months of requesting the extension.

Things to Consider When Filing for an Extension

• An IRS filing extension is a request for an extension to file, not to pay.
• An extension for most taxpayers is an automatic approval if they file on time.
• Accepting an extension to file does NOT mean you have been given an extension for the payment owed to the IRS.
• The estimated balance owed must be paid when your extension is filed.
• If you fail to pay with your request for an extension, you will avoid the penalty for late filing, but you will still be subject to interest on the outstanding tax liability.
• Taxpayers requesting an extension should be prepared to pay at least 90% of the amount they estimate to be due for the year when the extension is filed.
• If you owe money to the IRS for back taxes, you must pay that tax bill in full by tax day, April 15^th, regardless of filing an extension for the current year.te tax payments are subject to penalties (failure to pay) and interest on the outstanding balance.
• The Penalty for failing to file timely returns is 5% per month, capped at 25% of the outstanding balance.
• The Penalty for failure to pay is 0.5% per month plus interest on the balance owed when taxes have been filed.