Many events can happen in our lives especially when unexpected leaving us unable to file taxes by that April deadline. Luckily the IRS or Internal Revenue Service has an option available for those who find themselves swamped in work or other life events that keep them from getting taxes ready when they are due. The internal revenue service extension is a form found on the IRS website available for when you find yourself needing it most during an unusually stressful tax season.
So if you find yourself unable to file your individual federal income tax by the due date which is typically around April 15th, form 4868 can be completed for a possible 6 month extension depending on if you qualify under whatever your circumstances may be. Check out the special rules that may apply if you are serving in the military or living overseas. There are also a number of other tax extension forms including the form 7004 and 1138 for corporations and businesses. Form 7004 for certain business income tax and to request an automatic extension. Form 1138 differs in that it is an extension for corporations or business who need to pay a tax but are expecting a loss.
There are also other extension forms available for those who fall under special tax credits, employee returns and others. Check out the IRS webpage to find the form that is right for you. While six months may seem like a lot of time to catch up on filing, often this time goes by quickly. SO make sure you have all the right paperwork needed to get the documents filed correctly. Work with a tax expert to ensure that your needs are met.
While an internal revenue service extension can help you better prepare and organize your tax information, remember that while the extension is more for people who need more time filing and not for more time to pay taxes where they are owed. Check with the IRS about possible payment plans and other relief if you need more time to pay. With an extension to file, the IRS expects that paper work by October instead of the initial April deadline. So make sure you get going and reduce late payment penalties if needed.
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