What is an IRS Tax Extension? Know More about Form 4868

Do you need more time to file your taxes? The IRS extension form 4868 is always available for extension purposes. Let’s peek through and get to know what an IRS tax extension form 4868.

What is an IRS 4868 Extension?

Citizens filing a federal income tax and looking for a time extension beyond the April filing deadline can gain an extension. The extension is obtained by filing the IRS extension form 4868. By filling this form, your application is eligible for an automatic extension of time for filing US individual income tax returns.

  • By filing form 4868, taxpayers gain a six-month time extension for filing federal income tax returns. 
  • To obtain the time extension facility, filling form 4868 must be complete before the original deadline of return.
  • Avoid filing form 4868 if you’re opting for electronic payment to the IRS. They offer you an automatic extension of time to file. 

What is form 4868?

By filing form 4868 with the IRS, the due for taxes would be October 15 rather than April 15, the routine deadline. The form asks you to enter your tax and total tax liability.

Who uses form 4868?

Form 4868 is meant for individual taxpayers and not applicable to business entities and corporations. Few taxpayers receive an automatic file extension without filing. Such an option is available for US citizens living abroad. They gain an automatic extension of two months for filing. By filing form 4868, you gain more extensions.

Do you know that you gain a time extension even without filing form 4868? The time extension is possible if you pay a certain amount of what you owe. There is an automatic extension of time to file your tax by electronic payment of part of the amount through the electronic federal tax payment system (EFTPS), IRS direct pay, or by using a credit or debit card.

Where to get form 4868?

Taxpayers can access form 4868 on the IRS website, fill it online. Take a printout of the same and mail it to the IRS. The other way is by downloading the completed form and saving the same.

E-filing of Form 4868 Extension

Taxpayers can access the IRS free file website for e-filing application for extension for free. With the free file site, there are fillable forms available. The above-mentioned is an online application that helps to complete tax forms on the IRS website. Taxpayers using tax software for filing extension gets this feature.

It is mandatory to note that filing for a tax extension does not imply extended tax payments. Anything not paid after April 15 deadline is subject to penalties and late fees. Hence paying what you owe is vital.

Why wait? Access form 4868 and file for an extension. Seek the assistance of tax2efile for all your tax filing chores. The easiest way to file tax returns with just a few clicks is possible with tax2efile.com. Plan and file form 4868, if you mandate an extension for filing.