What to Do after you’ve filed an Income Tax Extension?

What’s next after you filed an income tax extension by filing Form 4868 through Tax2efile, you must be wondering what happens now, if you are a first-time tax filer. Do not worry because we are here to explain to you the aftermath circumstances once you have filed an extension file 4868.

Check whether the tax extension Form 4868 is accepted

How to check whether your tax extension form was received by IRS and the approval status for the same. This is one of the significant and probably the first questions that keeps troubling our minds. To answer your question, once you have filed an extension using the online method you would receive an email confirming the extension has been filed. Another great news is you can periodically check the status of the extension that you have filed by signing in to your account. At regular intervals, the authorized entity would definitely inform you via email stating that IRS received your request and is reviewing it for approval purposes. In most of the cases, if the filled information is not appropriate IRS rejects the tax extension. There are a few third-party websites that help you in knowing the reason for rejection and would assist you in filling in the information correctly. Upon completing the form, you can resubmit the request for an extension.

Know about the tax extension:

It is mandatory to be aware that the extension facility only extends the period of time to file the taxes and not the deadline to pay the taxes that is owed. It is important to know that if you owe taxes for a certain period of time, you need to still compensate an estimated payment to IRS within the tax deadline. If not paid, you will be charged with certain penalties or interests which you are liable to pay.

Form 4868 tax extension:

Well, we spoke about filing tax returns online via different methods. Now, let’s get to know what forms are required and the purpose behind filling these forms. Form 4868 is a type of tax extension form provided to individuals to report their income in terms of figures to the IRS. This consists of all the taxpayers who submit the forms such as the 1040s or contractors filing 1099s, etc. You can also choose to file this form electronically by following the steps mentioned above. The period of extension time is about 6 months for which this form was produced for the IT department. This form is officially named an Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. What you need to keep in mind is that you need to e-file or submit this form by the original deadline for filing any tax returns. Having a piece of proper knowledge about these specific things would help you once you have submitted the form as you would have a basic knowledge of how to deal with an extension that you have filed.

Things to be noted with Form 4868 tax extension:

Filing an Income Tax Extension automatically enables the extension for your deadlines for Tax forms 1040, 1040A, 1040EZ, 1040NR, 1040NR-EZ, 1040-PR, and 1040-SS. Given that you are filing an extension form for tax returns, it’s important to know that submitting this form doesn’t lengthen your tax returns timelines. The due date would be considered as the same date originally assigned. Having said that, this enables you to pay your tax returns partially or completely by means of Electronic Funds transfers or EFTs directly from your account. Well, keeping a note of all this is advisable as it would help you in answering the questions or concerns that the IRS may raise during the process of approval. Please note that while filing the extension, keep track of all the documents that you have filled as it would help further once the extension period is completed.