Federal Tax Extension Facts
File your Federal taxes extension today for an October 15th extended tax filing deadline.
Filing a federal tax extension should be completed on or before the April 15 due date for your federal tax return. By filing a federal tax extension, you can extend your filing deadline up to 6 months, until Oct 15th.
The Federal Taxes Extension Form for personal tax filing is IRS form 4868, and for business tax filing the extension form needed is IRS form 7004.
Beware, Your Federal Tax Extension Form Needs To Be Accurate and Reasonable or:
- If the IRS believes that your estimate on the amount of taxes you still owe is unreasonably low, it may at it's own discretion reject your extension and assess you with a late tax filing penalty.
- If you underestimated the amount of income taxes you still owed and did not pay enough in by the tax filing deadline, the IRS will assess an interest penalty based on whatever amount you were under paid by after the April 15 tax deadline.
- If by the tax filing deadline you have paid less than 90 percent of the tax amount you owe, the IRS will assess you with a penalty of 0.5 percent of the underpayment for every month it is delinquent until the balance is paid in full.
|Tax Extension Form 7004 Business||Tax Extension Form 4868 Personal|
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Federal Tax Extension Facts
- More than 97% of federal extensions filed are Approved by the IRS.
- You can file your extension online in minutes – no reason needed by the IRS.
- You may submit your extension form electronically online thru a secure network.
- You will get IRS confirmation by email when your extension is Approved.
- Once your extension is granted, you can file your federal tax return anytime on or before the extended Oct 15th tax return deadline.
- So your tax extension was granted by the IRS, Yee-Haw, now you can take advantage of tax software discounts that become available after tax season.
Filling out and filing a federal taxes extension form is not difficult or complicated in any way. However, there is one very important point to keep in mind.
Your tax extension does buy you more time to FILE your tax return, However, It does NOT give you more time to PAY any additional taxes that you may still owe. You must still pay your estimated taxes owed by the original due date for filing you tax return, usually April 15th unless it falls on a weekend.
It's not difficult to get a federal taxes extension online, but it is important to pay what you owe to avoid penalties and interest fees and charges.
Failure to pay your taxes owed will result in penalty and interest charges on any amount of unpaid taxes until the balance is paid in full.
Any taxpayer who needs to file a Personal Tax Extension Form 4868 can do so. The IRS has virtually no restriction when it comes to personal taxpayers filing extensions.
What to do if you need to file a federal tax extension but live outside of the United States
If you reside outside of the United States, you may be able to receive an extension of time for Filing your Federal Tax Return by filing the IRS extension application Form 2350 for U.S. citizens and resident aliens abroad. This form is applicable provided you believe you will qualify for special tax extension treatment. See IRS Publication 54: Tax Guide for U.S. Citizens and Resident Aliens Abroad.