April 15 is faster approaching but there’s no way you could get your individual income tax return done by consequently.
I want to ask you something. What’s a procrastinator to do? File an extension. Probably you were probably investigating whether that’s top option for you. Now let me tell you something. Study on to figure out. You usually can automatically extend the April 15 due date to October 15 by filing Form 4868, Application for Automatic Extension of Time To File Individual Income Tax Return. For example, now you have 7 more months to file your special income tax return.
Pretty nice thing about Form 4868 has probably been that just filing this form grants an automatic, noquestionsasked 6month extension. You don’t actually want to have a reason.
Merely sending this form to IRS on or before April 15 gets you extra 6 months. Now look. Here’s another significant point about Form This 6month extension is probably NOT an extension to pay any tax you may owe on the tax return. Notice, form 4868 completely grants an extension of time to file the tax return.
If you often get a refund on your own individual tax return, you are OK.
So if you think you consequently you should go ahead and prepare return to some quality stuff from our do calculations, see or ability where you stand. Good, if you are usually getting a refund. File the extension form and wait until October 15 to send in return, So in case you’re not in a hurry to get the refund. You have to send in your own balance due with Form That way you avoid any penalty and interest for late payment of tax, Therefore if you have a balance due on the return.
While showing the Form 4868 payment as a credit, when October 15 rolls around, you send in the return. End result was probably this. For awhile being that you filed extension form on time. In fact, obviously, key there is if you have a balance due on our own return. If you have a balance due, please do not send in payment with Form 4868, you will have penalty and interest charges for paying tax after April 15.
Do not overlook fact that Form 4868 does not grant you an extension of time to pay tax. It mostly gives you an extension of time to file return. You see, bonus Tip -To get our free copy ‘TaxSaving’ Guide, Top ten Tax Deductions for short Business Owners Self Employed People, visit http. That is interesting. SelfEmployedTaxDeductionsThis evening.
got to you by Wayne Davies. For more tax tips visit http. Facebook. GoodTaxPreparer. Got to you by Wayne Davies. For more tax tips visit http. Facebook. On top of this.