Quick Tips About Filing Tax Extensions

Even though football games have started airing again on television, the fall season hasn’t quite gotten here yet. With less than five weeks left of summer, Autumn is quickly approaching. As the season changes, for the better because it just got way too hot at times, there are a few tax deadlines that come along with it. Based on the tax extension you filed earlier this year will determine which of the upcoming due dates you should be aware of. 

• Business Tax Extension Form 7004 – Tax deadline is September 15.
• Personal Tax Extension Form 4868 – Tax deadline is October 15.
• Exempt Organizations Extension Form 8868 Part II – Tax deadline is November 15 

At this point in the year, it’s far too late for you to file any extensions. But if you’re thinking about taking advantage of extensions next year, here are a few tips that you should know.

#1 – Extensions need to be filed by the original due date.
If you find yourself not able to file your tax return on time, then file an extension as soon as possible. You can think of it as the extension taking the place of your actual tax return until you can file it; therefore, it’ll be due on the same date as your tax return.

#2 – Any taxes owed are still due by the original due date.
Extensions are only meant to increase the amount of time you have to file, not the time you have to pay. If you have any estimated tax liability to pay back to the IRS, you are required to pay even if your extension is approved. There are a number of options of how you can pay your estimated taxes including postal mail, Electronic Federal Tax Payment System (EFTPS), direct debit, or Electronic Funds Withdrawal (EFW).

#3 – Your extension request could be denied.
Be sure that you’re entering the correct and current information needed in your extension form. If the IRS finds any errors or inaccuracies with your name, address, organization’s name, EIN number, or social security number, it can lead to an automatic rejection. And a rejected IRS form could lead to failure-to-file penalties.

#4 – A state extension may be required.
Along with filing a federal tax return, you also file a state tax return. The same goes for extensions; however, each state has it own requirements for filing. Some states may offer you an automatic extension without the need of any form, while others won’t offer anything unless you ask for it. You can find out how your particular state processes tax extensions by accessing your state’s tax authority website.

#5 – Your return will be due by the extended deadline.
You should write down or make some type of note of your extended tax return deadline. Those extra months will pass quickly, and your efforts will be for nothing if you’re still not prepared to file. Once your extended deadline is up, there may not be any other options, and you can incur penalties from the IRS.

Very Important: If you don’t remember anything else about tax extensions, you should always keep in mind that tax extensions can be e-filed. So even if something happens at the very last minute before your tax return is due… Don’t panic. You can e-file an extension and give yourself a few months of breathing space.

You don’t have to feel lost or be rushed during your next tax season. E-file your tax extension with ExpressExtension; we make it simple and quick to transmit to the IRS. And with ExpressExtension, you’ll find the best e-file service to request your extension, and we’re supported by the best in live, USA-based technical and support teams that are available to provide you with the most outstanding help experience.

For any questions or assistance with e-filing an extension, contact our expert professionals by phone at (803) 514-5155 (Monday – Friday, 9am – 6pm EST), email at [email protected], or live chat at www.expressextension.com.