Alright class, listen up and let’s pay attention! There have been many of you requesting a quick review session before the tax season. This review will give you extra time to gather everything needed to file without losing your mind. There’s nothing wrong with wanting a review, but there will NOT BE ANOTHER! Maybe…
In any case, open your notebooks and be prepared to write these notes down because I won’t repeat myself… I repeat, I won’t repeat myself. *awkward silence*
Raise your hand, ask your question, and get your answer. Simple, right?
“How do I file a tax extension?”
Depending on what tax return you are filing, there are various tax extension forms available to you.
- Exempt Organizations Extension Form 8868 – For tax-exempt organizations like charitable organizations, church and religious organizations, private foundations, and other non-profits.
- Personal Tax Extension Form 4868 – For federal income tax returns, independent contractors, sole proprietorships, and single-member LLCs.
- Business Tax Extension Form 7004 – For C-corporations, multi-member LLCs, S-corporations, trusts and estates, and partnerships.
You file whichever extension applies to you by due date of your return along with paying any estimated taxes due.
Quick Note: When filing an extension, you will be asked about your expected tax liability. You can guess the amount due, but please, be the students that the academy will be proud of and come up with a reasonable amount. At the very least, it’s common to base your amount on what you owed last year.
Check out these extra credit readings about expected tax liabilities:
“What about extending my state income tax return?”
If you are filing in a state that has an income tax, as most do, it’s possible to find the tax extension form for your state from the state tax authority website.
“When will my tax return be due if I extend?”
Just as there are different tax extension forms, there are different extended deadlines for each one.
- Exempt Organizations Extension Form 8868 – Your original deadline of May 15 gets extended by three months to August 15. Even then, you can apply for an additional three months and have your deadline pushed back until November 15.
Quick Note: May 15 is the deadline if your tax-exempt organization operates on a Calendar Tax Year. If it operates on a Fiscal Tax Year, your deadline is the 15th day of the 5th month after your tax end date.
To apply for an additional three month extension, you have to fill out Part II of Form 8868. Refer to the following to improve your Form 8868 studies: Extension Form 8868 – Part I & II
- Personal Tax Extension Form 4868 – Your original deadline of April 15 gets extended by six months to October 15.
- Business Tax Extension Form 7004 – Your original deadline of March 16 also gets extended by six months to September 16.
Quick Note: Certain partnerships, trusts, and estates are only able to apply for a five month tax extension depending on which tax form they would be filing for their return. In such a case, the extension will be to August 16.
“Do I have to pay my taxes now?”
Yes. Yes. Yes. A million times, YES! If you understand only one piece of information from this session, understand this:
Filing an extension only allows an extension of time to file, not an extension of time to pay your taxes.
You have to pay your taxes, which would be an estimate, by the original deadline or face penalties by the IRS. Each time you remember this is like placing a shiny, fresh apple on the teacher’s desk; there will be so much joy and happiness. The IRS also offers payment plans, which you could qualify for.
Okay, last one…
“Is filing an extension a red flag to the IRS?”
Not at all. Extensions are fairly common and the IRS probably expects extensions more than everyone filing on time.
So, be a golden student and e-file your extension forms with ExpressExtension. As an authorized IRS e-file provider, ExpressExtension supports a safe, secure, and accurate e-filing process with the most experienced technical and help teams in the industry.
Better yet, become the A+ high achiever you know you are by e-filing using the ExpressExtension mobile site or by downloading the FREE mobile app for iOS and Android devices.
Live professionals are available at our Rock Hill, South Carolina office. Feel free to contact live professionals at (803) 514-5155, Monday through Friday from 9am to 6pm EST. You can also either e-mail us at firstname.lastname@example.org or chat with us at www.expressextensions.com for any further assistance e-filing your extension forms.