When you are filing your taxes, it is important that you file for an income tax extension. Filers can get up to 3 extra months to file their taxes with the IRS by filing for an income tax extension. The IRS has four major functions: collecting taxes, administering tax laws, providing guidance and assistance to taxpayers, and conducting investigations.
The IRS collects taxes through its individual income tax collection systems, corporate income tax collection systems, estate and gift taxation, payroll taxes, information reporting requirements, and other administrative activities.
If you are due a tax refund and your return is due on or before April 15, you can ask the IRS for an automatic six-month income tax extension. To request an extension, file Form 4868, Request for Automatic Extension of Time to File U.S. Federal Income Tax Return. You will need to provide your estimated tax payment (including interest and penalties) from the previous year and proof of identification.
If you are requesting an extension because you are unable to file your return by the due date, attach a statement explaining why you cannot file by the due date. The form can be filed online, by mail, or in person at an IRS office. An extension of time to file does not extend the time for paying taxes. You must also pay any taxes that are due with the requested extension.
The Benefits of an Income Tax Extension
First, if you file for an extension and pay the taxes that are due when your return is actually filed, the IRS may not penalize you with interest or penalties.
Second, if you do not file your return on time, the IRS may impose additional penalties including a late payment fee and a $25 civil penalty.
Finally, if you qualify for an income tax extension and file your return on time, the IRS may allow you to reduce or eliminate any federal estate or gift taxes that would otherwise be due.
The Process of Filing For an Income Tax Extension
If you are unable to file your tax return by the due date, you may be able to file for an income tax extension. To qualify for an income tax extension, you must meet certain requirements and provide documentation. Once you have filed for an income tax extension, the IRS will process your return and send you a refund or a bill.
To qualify for an income tax extension, you must meet certain requirements laid out in Internal Revenue Code section 6013. You must be unable to file your return on time due to a reasonable cause. A reasonable cause is defined as circumstances beyond your control that prevented you from filing on time.
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