- April 28, 2023
The IRS 4868 Extension form is used by taxpayers to apply for an automatic six-month extension time with the federal income tax returns. Taxpayers who require more time to prepare and submit their tax returns can use Form 4868 to extend their tax-paying deadline till October 15th. This extension is, however, automatic, and taxpayers need not get approval from the IRS to avail of this extension. Filing Form 4868 will only avail time extension for the taxpayers. They are, however, required to estimate the taxes and pay them by the due date of April 15th to avoid late fines and penalties.
Avoid IRS Penalties and Fines: Use Extension Form
The IRS tax extension Form 4868 requests the IRS to offer more time for the taxpayer to file their tax returns. Filing this extension will move the filing deadline ahead six months, from April to October. By filing this extension, the taxpayer can escape late filing penalties. This also gives them additional time to prepare the returns accurately. The extension form gives the taxpayer more time to file the returns but doesn’t give them more time to pay the taxes.
Approval of these tax 4868 extension Forms is generally automatic with the IRS. Taxpayers need not explain to the IRS why they require tax extension. They only have to file the Form. But caution has to be exerted in filing the Form correctly, and the taxpayers should also ensure that they enter information such as social security numbers and other data correctly.
Some taxpayers, such as military personnel who serve abroad, will get automatic time extensions to file the returns without having to fill and file Form 4868 with the IRS.
Is there a penalty for filing an extension Form?
There is no penalty for the taxpayers for filing a tax extension Form. Late or missed extension form filing results in penalties. Also, if the taxpayer doesn’t pay the tax amount they owe to the IRS, it will charge interest on the unpaid balance. Also, they will be penalized for late payment if they don’t pay 90% of the tax amount they owe to the Internal Revenue Service.
The penalty is generally 1% of the amount owed for each month, which can increase to 25%. If the taxpayer fails to file their return or Form 4868 before the tax filing deadline, they will be penalized for late filing. This penalty is generally 5% of the amount they owe each month, which could amount to up to 25%.
Use Tax2efile Application to E-file 4868 Form
Tax2efile is the IRS-approved E-file tax application that allows your tax filing process simple and easy. Our tax software accepts most forms and minimizes errors to avoid IRS rejections. Register now with us and E-file your 4868 extension form today!
