How To File An Extension For Taxes

Robin Khan By Robin Khan, 23rd Jan 2015 | Follow this author | RSS Feed | Short URL
Posted in Wikinut>Business>Accounting & Finance

Even if you typically use the 1040 short form when you file your tax return for your individual taxes, there are reasons that you may not be able to prepare and submit your return by the April 15th deadline. For this reason, you have the option to apply for an extension that will extend the amount of time you have to complete your tax return by 6 months.

Extension For Taxes

Those who have little experience with forms other than the short form may feel they do not know how to file an extension for taxes accurately. However, it is a simple, fast process that almost any individual can use.

1. Obtain Form 4868 - The form you will use to file for an extension can be obtained at many post offices, tax preparation offices, or even the Public Library. If you have access to a computer with internet service, you can either download the form and print it or complete it and file it online.

2. Use Form 4868 as a worksheet to determine your estimated taxes.

3. Enter the amount of your estimated tax liability on line 4 of the form.

4. File Form 4868 by the April 15th deadline.

When you submit a payment through the electronic payment options, you do not have to worry about how to file an extension for taxes because the extension is automatically processed. You are not required to submit payment at the time the form is submitted but you should know that an extension for filing your return does not grant you an extension to pay. Any amount that is not paid on time will be subject to interest and additional penalties. However, applying for an extension will save you a lot of frustration and money from the fines imposed on you for not filing your taxes on time.

The application for an extension on your taxes is a short, simple form. You will need to supply the following information:

• Name and address

• Your social security number and the social security number of your spouse if filing jointly

• The estimated tax you owe for the previous year

• Total amount of tax payments you have made during the year

• The difference between the two amounts, or the balance due

• The amount you will pay with your application

You will also need to mark the form to indicate if you are currently out of the country and a U.S. citizen or resident, or if you will be filing Forms 1040NR or 1040NR-EZ and received no wages as an employee that are not subject to U.S. withholding.

You may need to obtain additional information on how to file an extension for taxes if you live outside the U.S.Orare out of the country once your 6 month extension expires or are serving out of the country in military duty. In some cases, the maximum 6 month extension may be extended according to your circumstances. Make sure you understand how to file an extension for taxes that is appropriate for your needs to get the maximum benefit and added time that you require.


Extension For Taxes, File An Extension For Taxes

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