Are you going to miss the tax deadline of April 15? No need to worry… You can still file for a tax extension. But, how do you know when you need to file a tax extension?
If you are not able to file your federal individual income tax return by the due date, in most cases, you will be able to get an automatic 6-month extension of time to file.
Frequently Asked Questions about Filing A Tax Extension
How Do I File an Extension for An Individual Income Tax Return?
Before the due date for filing your calendar year return (usually April 15) or fiscal year return, you must file Form 4868, which is an Application for Automatic Extension of Time To File U.S. Individual Income Tax Return. Click here to get the form: Form 4868.
How do I know the IRS received and approved my extension?
If you e-filed your extension on your own, you should have received a confirmation email from the IRS within 48 hours of filing the extension. If you mailed your extension, the IRS will not send a confirmation. The IRS will accept any extensions postmarked by midnight local time on April 15, 2014.
It’s important to note that if you are still required to send in your estimated taxes that are due to the IRS along with your extension request. If you didn’t include your estimated taxes, then quickly do your taxes and send your payment right away to help minimize any interest and penalties. Extensions only allow you more time to file the paperwork, but does not allow you to pay your estimated taxes at a later date.
When do I have to file my taxes now that I applied for a tax extension?
After applying for a tax extension, your new due date will be October 15 of that year. This is when you MUST file all of your Individual Income Tax Return paperwork to the IRS. However, if you didn’t make your usual estimated tax payment that was due, it would be in your best interest to do that right away and send it off to the IRS in hopes of avoiding or minimizing any penalties and interest for being late with your payment.