How To File For An Extension on Tax Day
- Author: Larry Hoffman Apr 19, 2017,
Apr 19, 2017, 17:25
You can also file the application - Form 4868 - by mail, but you'll need to get that postmarked in the mail today. This has to take place as part of the electronic filing process - you can not initiate EFW after your taxes have been submitted.
One tax pro from Casey Peterson and Associates says it's okay to extend even if you can't pay.
If you've already paid at least 90% of the taxes you owe for 2016, you may be spared the late-payment penalty so long as you at least file for an extension.
Johnston says missing the deadline isn't the end of the world, but advises taxpayers to get a better head start next year.
The IRS projects that 252 million people will file taxes this year.
And while that $1 billion number may seem high, this is not a new phenomenon. Others - like me - wait until the very last minute to put together a return and file it to the IRS.
If you are getting a refund, you don't need an extension, but what are you waiting for? Taxpayers have several payment options for taxes owed.
If you're filing on April 18th make sure you have all the documents you'll need before going in to visit a tax preparer.
Experts suggest you file for a refund or extension instead of ditching your return.
If you don't file your 2016 taxes by April 18, 2020, the government will just keep your refund.
Form 1138 - An extension of time for payment of taxes by a corporation expecting a net operating loss carryback.
Form 5558 - An application for extension of time to file certain employee plan returns. Use Form 1040X, Amended U.S. Individual Income Tax Return, to correct the tax return. The American Institute of Certified Public Accountants - the people who live and breathe this stuff - advise taxpayers to calculate a "thorough estimate" of what they owe and "round up" if they're not completely certain that their determination is accurate.
Despite an extra three days to file their taxes - for the second year in a row -plenty of Florida taxpayers are racing to meet today's deadline. Get IRS.gov/forms at any time. The procedure for filing state tax extensions varies by state, so contact your state tax agency to verify the rules. But perhaps less appreciated is the burden that goes above and beyond one's tax obligation: "the incredible amount of time that is required each year to comply with our nation's extremely complicated tax system".