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IRS Form 4868 Tax Extension: Here’s How To File A Federal Tax Extension

IRS Form 4868 Tax Extension: Here's How To File A Federal Tax Extension
April 18, 2023 is the deadline for submitting federal taxes. What you should know about submitting Form 4868 to the IRS to request an extension. (Photo by investopedia.com)

IRS Form 4868 Tax Extension:  You can extend your filing deadline for free if you’re still in need of important tax forms or are overburdened. No of your income, you can complete it online using IRS Free File, moving the deadline up to October 16 by six months. In spite of the fact that a tax extension gives you additional time to file, you must still pay your bill by April 18 to avoid a late payment fee and interest.

Tax Extension 2023: How to Get One by April 18

In order to file your federal income tax return with the IRS, you must request an extension of time. A tax extension in 2023 pushes the due date for submitting taxes to October 16, 2023. (Image via Getty Images)

The due date is Tuesday, April 18, and if a request for an extension is made, it will be postponed until October 16th. The extension only pertains to the filing of the return, not the payment of any taxes that are owed, therefore individuals who ask for one should be aware of this before submitting their request. Both firms and individual taxpayers may incur unwelcome IRS fines for failing to file income tax returns on time. The best course of action for people who require additional time to file is to ask the IRS for a tax extension.

If you can’t make the tax deadline, here’s how to file a federal extension for free. ‘All it does is help you,’ says tax pro

By requesting an extension before the April 18 federal filing date, you can avoid a late filing penalty. To avoid a late payment fee and interest, you must still pay the remaining balance before the deadline. Depending on your location, you might additionally require a different state income tax extension. (Image via Getty Images)

Businesses should file Form 7004 while individuals can file Form 4868 to extend their personal tax deadline. Both extensions are automatic and provide you up to six extra months to file. This indicates that the due date will now be October 16, 2023.

IRS Form 4868 Tax Extension – How to file an extension for federal taxes?

There are a few ways to petition for a federal extension, with or without a tax expert, if you can’t meet the April 18 tax deadline. One choice is to use IRS Free File, which provides free automated tax preparation software, to submit Form 4868 online. According to John Loyd, owner of The Wealth Planner in Fort Worth, Texas, who is a certified financial planner and enrolled agent, anyone can visit that website and submit a request for an extension regardless of income. Another option is to make an electronic payment and choose “extension” as the reason, which, according to the IRS, automatically grants a six-month extension without submitting Form 4868.

To reduce the likelihood of errors or confusion, Loyd chooses option one. He continued: “It’s quite obvious that you know exactly what you’re doing if you file Form 4868. Karla Dennis, an enrolled agent and the founder of Karla Dennis and Associates, advises filing Form 4868 rather than choosing the payment option, particularly if clients subsequently require documentation that they actually filed an extension.

She claimed that she had never been able to defend a late-filed return by arguing that the filer had made an online payment. Once more, depending on where you live, you will need to take distinct actions to obtain an extension for filing your state tax forms.

Read Also: What The Child Tax Credit Will Be In 2023 And Who Qualifies

Use Forms 4868 and 7004 to file personal and business tax extensions via ExpressExtension

The IRS must receive these documents for an extension by tonight at midnight in order to grant the request. The ideal option for submitting a last-minute extension with the IRS is provided by ExpressExtension. A quick, safe, and accurate solution for last-minute tax extension requests is offered by ExpressExtension, an IRS-approved supplier of electronic filing.

The IRS will provide taxpayers and other necessary filers with real-time information on the progress of their return while they complete and submit their extensions in just a few minutes. The one-stop shop for IRS tax extensions is ExpressExtension. For more than 10 years, ExpressExtension has assisted companies, people, and non-profit organizations in obtaining IRS extensions as an IRS-authorized, SOC 2 Certified e-file provider.

Form 4868, 8868, 7004, and 8809 are supported. Businesses and individuals can both fill out and download their tax extension forms for some states via ExpressExtension.

Read Also: Report Reveals Federal Government Wastes Billions Of Taxpayer Dollars Every Year

 

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