If you are not able to complete your federal tax return by the April 17th deadline, you will need to file for an IRS extension. Here is what you need to know about filing an income tax extension.
What You Need To Know About Filing An Income Tax Extension?
Personal Income Tax Overview
April 15th is the personal income tax deadline unless it falls on a holiday or a weekend like 2018. This year your personal income tax deadline is April 17th.
If you have trouble meeting this deadline, you can apply for an automatic extension of time to file using Form 4868. The IRS will grant this extension regardless of your reasons for needing to file.
So if this year’s deadline snuck up on you, it is ok! This tax extension will give you an extra six months to file your federal income tax return.
How To File For An Income Tax Extension?
Step 1: Calculate Estimated Taxes Owed
You will need to estimate the amount of taxes you owe for the previous year. You can do this by simply subtracting the total tax amount withheld from your paycheck and your estimated tax payment from the tax amount you owe to the IRS.
Before you estimate your liability amount be sure to reduce your income by all applicable exemptions and deductions.
Use the 2017 tax tables to estimate the amount you owe on your tax return. If you do not pay the full amount you may owe interest and penalties.
Step 2: Create Your ExpressExtension Account
You will need to create a free ExpressExtension account and click “Create Personal Tax Extension” from your account Dashboard. At this point, you can pay your income taxes.
The application for your automatic income tax extension of time required very minimal information. However, we will guide you through step-by-step to ensure your information is filed correctly.
You will need the following income tax information:
- Social Security Number
Step 3: Submit Income Tax Extension to The IRS
Once you have completed and reviewed your Form 4868, you can then submit directly to the IRS. When the IRS accepts your form, you will be notified immediately via email.
Please keep in mind that while Form 4868 does provide you with an extension of time to file you are still required to pay 100 percent of your owed taxes. The deadline for submitting your personal income taxes is April 17th, 2018.
Do You Want More Time to File Your Federal Income Taxes?
Are you struggling with a busy schedule?
Need more time to file your file IRS tax return?
Don’t file in a rush and make mistakes trying to meet the April 17th deadline. Join our webinar and learn how you can receive up to an additional 6-months to file your personal tax return.