Income Tax Extension

Every year, April 15 looms for Americans, reminding them that they need to file their tax returns on time or face penalties for not doing so. Most people can get their taxes filed by the deadline, but sometimes extraordinary circumstances arise, making it difficult to file your taxes on time. If you are still waiting for tax forms to arrive in the mail, their lateness preventing you from filing on time, don't panic and send in a half-finished tax return. Instead, consult the IRS and ask for an income tax extension. While the IRS may be infamous for sticking to procedures and processes, they are able to grant extensions on filing your return. Although owing back taxes on top of your taxes from that year may make it more difficult to get an income tax extension.

How to get an income tax extension

Are you under the gun, trying desperately to make the April 15 tax return deadline, but have a sinking feeling that you just won't be able to make it? Don't panic. The IRS can grant you a 4-month income tax extension, giving you enough time to get your tax information together. In order to qualify for this 4-month income tax extension, you need to file Form 4868, an Application for Extension of Time to File U.S. Individual Income Tax Return. In fact, the IRS makes it easy to file for an extension because if you don't have the paper form handy, you can file for an extension by phone or computer as well.

Each year, the IRS has a special phone line dedicated to taking requests for income tax extensions. As well, if you have the appropriate software on your computer, you can file a request for an income tax extension via email, or the person preparing your taxes can do this for you. Keep track of the confirmation number you are given when you do file for an extension.

What you need to know about filing an income tax extension
Just because you file an extension on your income tax return doesn't mean you aren't responsible for the extra taxes that you may owe at the end of the year. For example, let's say you are granted a 4-month income tax extension. While this gives you more time to get the appropriate paperwork together, it does not give you any leeway on what taxes you may owe for the year. So, when you file for an income tax extension, you will be responsible for paying the interest on whatever you haven't paid by the April 15 deadline. If you owe the IRS a significant amount of money, the interest that is accumulated during the 4-month extension can really add up.

If you expect you will owe the IRS some money in taxes by the April 15 deadline and still need to file for an extension because all of your paperwork isn't in order, then you can opt to send payment to the IRS for the amount you expect to owe. Even if you decide not to send any money until what you owed is confirmed, you must still make an educated and precise estimate of the taxes that you might owe.

How we can help
When you turn your tax problems over to the experts at IRS Problem & Tax Lien Help Group, you will be saving yourself time. Our trained professionals are aware of tax policies and procedures, including information on income tax extensions. Rather than worry that you are filling out the extension form incorrectly, or that you will be penalized for taxes that you do not owe, contact a representative at IRS Problem & Tax Lien Help Group. We can examine your particular situation free of charge before we move forward. Contact us today for a free consultation.

Our consultations are always free. Contact a representative here, and avoid or reverse and IRS wage garnishment decisions in your future. The call is free, the advice is priceless.

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