An individual needing an extension of time for filing the Individual income tax returns through forms 1040, Form 1040A, Form 1040EZ, Form 1040NR, Form 1040NR-EZ, Form 1040-PR, Form 1040-SS has the facility as provided by IRS 4868 as friendly to apply for the automatic extension of time for an additional six months. But an individual should file the application for IRS Automatic Extension of Time to U.S. Individual Income Tax return by April 15th, 2015, the exact and regular tax deadline. This will give an allowance like a deferral of tax payments for up to six months for U.S. individuals filing income tax returns through Form 1040 series and the tax deadline will automatically be extended to October 15th, 2015.
It is required that the individual should estimate and figure the tax liability as payable to IRS and must pay the figured tax due amount when filing friendly form 4868 for the needed extension. This is because Form 4868 will only extend the time for filing individual income tax returns and this will not extend the time to pay the tax as one owes to IRS. So when a tax payment is made to IRS please do not forget to include it in the Payments section of one’s IRS form 1040 or its series as applicable when one files the same.
If the individual does not pay the full amount one owes to IRS, then IRS will charge interest on the unpaid balance until one pays the full amount.
It is also required by the individual to pay at least 90% of the tax amount one owes to the IRS; otherwise one may be subject to a late payment penalty. The penalty is usually half of 1% of the amount owed for each month, up to a maximum of 25%.
In the case where-in IRS form 4868 becomes unfriendly if the individual does not file either one’s tax return or the automatic extension Form 4868 by April 15, the one will be subject to a late filing penalty. The penalty is 5% of the amount one owes for each month, up to a maximum of 25%.
Individuals can now have the safe, secure way of e-filing IRS form 4868 for the prescribed automatic extension of time for six months through IRS-certified tax partner Tax2efile.