Well, it is just over a week until the biggest tax deadline of the year! Since the original April 15th deadline falls on a weekend this year and Monday is Emancipation Day (a holiday celebrated in Washington DC) April 17th is Tax Day.
If you have yet to file your tax return or are not ready to file, you are not up a creek yet. Here is how to get an extension of time to file.
Not Ready To File Your Tax Return, Here’s How To Get An Extension
Join the millions of taxpayers who are expected to file an automatic six-month IRS extension. Before we get into how to file an extension here is a list of forms also due on Tax Day.
Important Upcoming 2018 Tax Deadlines
April 17, 2018
- Individual Tax Return for 2017 Tax Year
- If you have not applied for a tax extension, you will need to e-file or postmark your individual tax return by midnight on April 17th, 2018.
- Individual Tax Return Extension for 2017 Tax Year
- Do you need more time to file your individual tax return? File for an automatic tax extension by April 17th to push your tax deadline back until October 15th, 2018.
- 2017 IRS Contribution Cut Off Deadline
- This is the deadline for contributing funds to your traditional IRA or Roth IRA.
- 1st Quarter Estimated Tax Payment Deadline
- If you are self-employed, you are required to pay your estimated quarterly taxes by the deadline
What You Will Need to File an Extension
The first thing you should know about filing an individual tax return extension is that “timely filing” rules apply. So you will need to e-file your forms by midnight on April 17th. If you file after this, the IRS will not accept your tax extension application.
Assuming you file on time, you will automatically receive six months to file your return to the IRS, and you will not be subject to late-filing penalties. You will have until October 15th, 2018 to file your tax return.
To file for a tax return extension, you will need:
- Your name and address
- (Spouse’s name if filing jointly)
- Your Social Security Number (SSN)
- (Spouse’s SSN if filing jointly)
- Estimated total tax liability for the 2017 tax year
- Total 2017 tax withholdings and tax payments
- Estimated tax payment owed to the IRS (if any)
Remember that Form 4868 is an extension of time to file and not an extension of time to pay any owed taxes to the IRS. If you expect to owe any amount to the IRS, you will need to pay this amount when you file your tax return extension.
File For Your Tax Return Extension
With a little more than a week to file your tax return your options are as follows:
- File your forms in a rush (possibly making mistakes)
- Quietly rock back and forth under your desk
- Or file for a tax return extension
Out of the choices laid out above filing an extension is probably the best option. When you file for an extension with ExpressExtension, there are no special hoops you need to jump through and no late-filing penalties.
Once you have filed your tax return extension Form 4868 with the IRS, you will receive a confirmation email within 48 hours notifying you that the IRS accepted your extension.