Form 4868, commonly known as the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, is a useful tool for taxpayers who require additional time to file their tax returns. Form 4868 permits you to obtain an extension if you need more time after the original filing date, which is generally April 15th.
How much time extension is provided?
You can automatically request a six-month extension for filing your individual income tax return by completing and submitting Form 4868 to the Internal Revenue Service (IRS). This extension is usually given without requiring a cause or explanation. If your Form 4868 is granted, you will have six months from the original due date to file again.
Information that are required
When filing Form 4868, you will need to provide various information, including:
- Personal information: Your name, address, and Social Security number (or Individual Taxpayer Identification Number).
- Estimated tax liability: An estimate of the total tax liability based on the information available at the time of filing Form 4868.
- Tax payments: If you expect to owe taxes, you should make an estimated tax payment with your extension request to avoid potential penalties and interest.
Tax payment under form 4868
While Form 4868 provides an extension for filing the tax return, it does not extend the deadline for paying any taxes owed. If you anticipate owing taxes, you should estimate the amount and submit a payment with your extension request to minimize penalties and interest. Failure to pay the estimated taxes by the original filing deadline may result in penalties and interest charges.
At BookkeeperLive, we can assist you in precisely completing Form 4868 and ensuring that it is submitted appropriately as professional bookkeepers. We will assist you in gathering the required information, calculating any anticipated tax payments, and submitting the form to the IRS on your behalf.
