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How you can File for an Extension when you are unable to File before the April Deadline
It is very simple to file for an extension when you are unable to file taxes at the required due date. Without any difficulties, you can receive up to six additional months to file taxes with the IRS.
Everyone knows that the deadline for filing taxes is April 15. When an extension is filed properly and approved, it is possible that you can file taxes until October 15. However, it is necessary to note that an extension is ONLY for filing, NOT for paying.
If you still do not pay taxes due by April 15 to the IRS, interest and penalties will accrue on your balance. If you are well aware that you will not have the ability to file tax paperwork by April 15, it is advantageous to file for an extension.
If you fail to file for an extension even though you are unable to file by the required due date, a five percent penalty for failure to file will be added to the total amount of taxes owed. This can be done for up to five months, totaling twenty-five percent. If an individual does not pay by the required due date, they will have to pay a one-fifth percentage for failing to pay taxes.
How to properly file for an extension
- If you recognize that you owe taxes for the past year, you must get an estimate that includes the total amount owed. The best way to achieve this is through a tax return rough draft. It will provide the basic amount owed to the IRS. You must mail a check along with the application for an extension.
- Individuals are required to get the official IRS form for extension, Form 4868, and fill it out. This document must be postmarked before April 15 along with the check for taxes owed. However, if you do not want to pay with a check, the IRS will let you pay with a credit card.