Online Tax Extension
Need more time to file your taxes? The following providers offer easy online extensions. Get 6 more months to file with no questions asked including a confrirmation from the IRS.
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Income Tax Extensions
Individual taxes are generally due in the April following the tax year. If you need more time to prepare your tax return, you may be able to apply for an extension. You should keep in mind, however, that extending the deadline to file your taxes does not extend the deadline to pay your taxes.
You must fill out Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return and turn it in to the IRS to be considered for an extension. Part of this process involves estimating what your tax will be. Then, you have the opportunity to make a payment on your taxes due based on this estimate. While you do not have to make this payment, it is recommended you do so to avoid interest and penalties.
You should submit Form 4868 to the IRS by your regular tax deadline. You can e-file the form or mail the form to the IRS. You can also receive an extension by paying part of your tax due with the IRS’s Electronic Federal Tax Payment System.
The IRS will only contact you regarding this application if your request has been denied. There is no need to explain why you need an extension. Virtually anyone can receive an extension, regardless of why you need it. The extension is for a total of six months, making your new due date mid-October.
If you do not pay your taxes by the due date, you will likely face penalties and interest. Remember, just because you have permission to file your taxes late does not mean that you have permission to pay your taxes late.
Extensions for Non-Individuals
Business taxes are due in either March or April of the year following the tax year. However, this due date may vary if the business does not operate on a calendar year and uses a fiscal year instead.
Businesses can also file for extensions with the IRS. The process is similar to the individual application process. Businesses must use Form 7004 to apply for an extension to file business income tax returns. Five-month and six-month extensions are available.
Trusts and estates that need to file tax returns can also receive an extension if needed. Estate taxes should use Form 4768 to get a six-month extension. Trusts use Form 7004 to request an extension.
Like the individual extension requests, these applications are approved automatically. The IRS will only notify the business if the extension is declined for some reason. There is no need to explain to the IRS why the business needs an extension.
It is worth noting that individuals who have their own business as a sole proprietorship do not need to file a Form 7004 to request an extension. Schedule C, which addresses all of your business income and expenses, is part of your individual tax return. That means that all of the rules that apply to individual tax returns also apply to sole proprietorships.
Reasons and Tips:
- For starters, if you owe the IRS, pay by the 15th of April. The penalty is 5% a month and all the way up to 25% of what is due if you are wondering.
- Easier way to pay: Use your credit card and file the Form 4868 at the same time.
- Form 2688 is no longer necessary.
- Filing an extension can decrease your chances of being audited. The IRS auditors receive quotas and the returns are filed in order in terms of filing date. So if an extension is filed, there is a chance an auditor will meet their quota before getting to the extended returns.
- Getting an extension gives your accountant or tax pro more time to get your things in order accurately. These individuals are obviously less busy in October than in April. It stands to reason they could get you more tax savings because of this fact.
- If funding a retirement plan like a SEP or a SIMPLE IRA, filing an extension can give you more time to determine how the plan will be funded.
- If paying your taxes will cause severe financial hardship, consider filing a Form 1127 by April 15.
- Make the estimated tax due very reasonable or the IRS could disallow any extension.
You can also file for an extension online. The eFile option with many tax preparation software companies will allow for a payment of the due tax using a credit card or bank account, as well as filing for an extension. If you choose to mail the request for extension, include your payment with your Form 4868 and have it postmarked by April 18, 2011
IRSExtension.com, provides a secure online solution for those individuals seeking to e-file an IRS tax extension (also known as IRS Form 4868).
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