We get it and so does the IRS. Things happen and you just aren’t able to meet those deadlines. When you have missing documents it can be pretty tough to get all of your boxes checked off when filing your tax return. Lucky for you there is a way that can get you more time. We are talking up to 6-months worth of time. The original due date is typically April 15, but with the extension, you may not have to submit your forms until October 15th.
If you aren’t sure if you can complete your 2018 federal tax return by the April 15th deadline you may want to get to filing a Form 4868, immediately. It is vital to note that Form 4868 only pushes back the filing of your tax documents. It doesn’t give you extra time to pay any taxes that you might owe. If you think you may owe money this year you’ll need to estimate the amount after filing for your extension.
Choosing to file late can get pretty costly. The penalty can bee 5% of the unpaid taxes for each month or partial month it is late. If the return is more than 60 days late, the minimum penalty is $135 or 100% of the unpaid tax, whichever value is smaller.
Don’t stress, where you don’t have to. Form 4868 will give you ample amount of time to get your ducks in a row. If you know you may late go ahead and file for an extension in either of the 3 methods and get up until October 15th on your tax return.
Form 4868 is made up of two parts, identification information is included in part I and individual income tax information will be in part II.
Estimate of Total Tax Liability (be sure to be as accurate as possible)
Amount You’ll Be Paying
If you’re thinking of filing an extension here are some tips to make completing it a little bit simpler.
Extension Filing Tips
1. Send Checks to the “United States Treasury”
2. If you E-file Form 4868 and mail in a check or money order, use a completed paper Form 4868 as a voucher and note with your payment that your extension was electronic.
3. Review page 4 of the Form 4868 to ensure you are sending your form and payment to the correct address. Just because you live in a certain state doesn’t mean your payment is sen to that IRS mailing address.
4. If filing over the phone or online, you’ll receive a confirmation number. It is important that you write the number down and keep it for your records.