It’s that time of year again and the April 15th deadline is right around the corner. As a reminder, you can file for a tax extension by submitting Form 4868 to the IRS (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return). Please note that the following information is only applicable to your federal income taxes. State tax extensions have a different process that can vary by state, so check with your tax professional for your state's process. Here’s what you need to know about using this extension. Filing for the Tax Extension The deadline to file for the tax extension is still April 15th or the next weekday if that date falls on a weekend. If you secure an extension, you’ll have until October 15th to file your taxes. Filling out the form and requesting an extension is free and relatively simple, and like with your taxes, you can file electronically or on paper. Within 24 hours of submitting Form 4868, you should receive an email confirming that the IRS received your request. In most cases, the IRS won’t contact you unless there is a problem with your tax extension. Extension on Filing, Not on Paying It’s crucial to note that being granted an extension means that you’ll have more time to file your taxes, but you will still need to pay the income taxes you owe by the original due date. Tax Extension Request Rejections Although it doesn’t happen often, there are times when an extension request is rejected. A rejection may happen if you provide information that doesn’t line up with IRS records. It’s important to provide the most accurate information and estimates as you can. If issues arise, the IRS may give you time to correct any errors and file the form again. Sometimes, all you need is a little extra time to get your documents and information prepared and in order. If you’re needing an extension of time to file your federal income tax return, you can find a copy of the form on the official IRS website or click this link https://www.irs.gov/forms-pubs/about-form-4868. Please reach out to the office if you have any questions. This material was developed and prepared by a third party for use by your Registered Representative. The opinions expressed and material provided are for general information and should not be considered a solicitation for the purchase or sale of any security. The content is developed from sources believed to be providing accurate information. For discussion purposes only and in no way represents legal or tax advice. For advice regarding your specific circumstances, the services of an appropriate legal or tax advisor should be sought. |
