In this video, learn how to file a tax extension to get some extra time to prepare your tax documents. You’ll find step-by-step instructions on how to file IRS Form 4868 and tips to use your extension wisely.
Learn how to file a tax extension with this step-by-step guide. Determine if you need an extension by considering reasons like needing more time to gather tax documents or experiencing a personal or family emergency. Fill out IRS Form 4868 either online or by mail and submit it before the tax year deadline, estimating the amount of tax you owe and making a payment. Remember that an extension only gives extra time to file, not to pay taxes. Use the extra time wisely to prepare, explore tax credits and deductions, and consult a tax professional if needed. Follow up with the IRS to confirm processing and avoid penalties and interest charges. Information for whether you’re a beginner or an experienced taxpayer.
How to File a Tax Extension
Filing taxes can be a stressful experience, but it’s important to make sure you do it right. If you’re not quite ready to file your taxes by the April deadline, don’t worry! You can file for a tax extension, which will give you some extra time to get your paperwork in order.
Here’s how to file a tax extension:
Step 1: Determine if You Need to File for an Extension
First, you need to determine if you really need to file for a tax extension. If you’re not sure, here are a few reasons why you might need to file for an extension:
- You need more time to gather all your tax documents
- You’re waiting on a tax form or forms that hasn’t arrived yet
- You’re experiencing a personal or family emergency
- You’re dealing with a major life event, such as a move or job loss
If any of these situations apply to you, then it might be a good idea for you to file for a tax extension.
Step 2: File IRS Form 4868
To file for a tax extension, you’ll need to fill out IRS Form 4868. This form is available on the IRS website and can be filled out online for free or by mail. If you’re filling out the form online, you’ll need to provide your name, address, and Social Security number. When filling out the form you’ll also need to estimate the amount of tax you owe and the amount you’ve already paid. If you’re filing by mail, you’ll need to print out the form and fill it out by hand.
Step 3: Submit the Form
Once you’ve filled out the form, you’ll need to submit it to the IRS before the tax year deadline. If you’re filing online, you can submit the form electronically. If you’re filing by mail, you’ll need to send the form to the address listed on the form.
It’s important to note that filing for a tax extension doesn’t give you extra time to pay your taxes. You still have to pay by the regular deadline! You’ll still need to estimate the amount of tax you owe and make a payment by the tax year deadline. If you don’t make a payment by the deadline, you could face penalties and interest charges.
Step 4: Get Confirmation
After you’ve submitted your form, you should receive a confirmation from the IRS. If you filed online, you should receive a confirmation email. If you filed by mail, you should receive a confirmation letter in the mail. If you don’t receive a confirmation, it’s important to follow up with the IRS to make sure your extension was processed correctly.
Step 5: Use Your Extension Wisely
Now that you’ve filed for an extension, you have some extra time to get your tax documents in order. Use this time wisely to make sure you’re prepared to file your taxes by the new deadline. You will have until October to file your tax return.
You can also use this time to explore tax credits and deductions that could help you save money on your taxes. Just be sure to consult a tax professional if you’re not sure about the tax laws or if you need help navigating the process.
Filing for a tax extension can give you some extra time to get your taxes in order, but it’s important to remember (don’t forget!) that it doesn’t give you extra time to pay your taxes. Be sure to estimate the amount of tax you owe and make a payment by the April deadline to avoid penalties and interest charges. And remember, if you have any questions or concerns, don’t hesitate to reach out to a tax professional for help.
In general, the federal tax deadline in the United States typically falls on April 15th of each year. However, there are some exceptions that may result in a different deadline, or if the day falls on a weekend as it does in 2023. It’s important to note that the federal tax deadline may vary for different types of taxpayers, such as businesses, individuals, or those living abroad. Also the deadline may be extended due to other reasons.
It’s important to stay updated with the most current tax regulations and deadlines to avoid any potential penalties or interest for late filing or payment. It’s recommended to consult with a qualified tax professional or visit the official IRS website for the most up-to-date information and taxpayers are responsible for ensuring that their federal taxes are filed and paid on time to avoid any potential repercussions from the IRS. Always consult with a qualified tax professional for accurate and reliable advice on your specific tax situation.
Forms and Documents
Information from the IRS website, where you can also find instructions and the forms you need to fill.
- 2022 IRS Form 4868 and Instructions
- IRS Free File – Includes link for fillable forms for preparing your Form 4868 online.
- How to File a Tax Extension Lesson – Teaching lesson plan for this lesson.
- Money Instructor – Money Instructor is the leading source for financial education and skills development.
Money Instructor does not provide tax, legal or accounting advice. This material has been prepared for educational and informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors regarding your own situation. Although the information has been researched and vetted beforehand, it may not be current at the time of viewing.