Personal Tax Extension – Request 6 Months to File your Taxes

Generally, personal tax returns are required to be postmarked or filed by 18^th April. In case you are not able to file within the stipulated time, you will have to face a late filing charge of around 5% on the tax amount that you actually owe. The amount is added to the tax balance for the month that you do not file. Apart from the late filing charge, there are fees and interests that also need to be paid for being unable to make the payments of taxes by 18^th April 2017.

Nevertheless, if you do not have the ability to file the tax returns within the date, there is tax relief for you. You have the flexibility of applying for a time extension of 6 months for filing the tax return. Here, it is important for you to note that you do not have to provide a valid reason to the IRS for requesting the federal tax extension. Approved tax extension will offer you the flexibility of filing your tax returns after 6 months i.e., 17^th October 2017.

The Form Needed for Requesting Tax Extension

Taxpayers can always get automatic tax extensions by filing form 4868 (Application for Automatic Extention of Time to File IRS Individual Income Tax Return). This federal tax application form needs to be duly filled in and then submitted to the IRS.

You can file IRS form 4868 paper or e-file procedure is available at Tax2efile website for filing their income tax extension. Others who are not willing to file their tax extensions electronically can choose to file through paper mail. If you’re filing by paper are not notified by the IRS regarding the status of your request. Filing electronically will help you receive a confirmation mail regarding the approval or the rejection of your tax extension request.

You need to provide personal information on the 4868 form (your SSN number and spouse’s SSN number if married and filing jointly) will be used by the IRS to identify you. And also necessary for you to provide an estimate of the total taxes that you owe during the year and the amount that you have already paid. The information provided on the form is used for determining whether you owe any tax amount by 18^th April.

Deadline to File a Federal Tax Extension Form

You should file your application before the original due date of April 18^th, 2017 of your tax returns. If you’re going through paper filing, it should reach to IRS by April 18^th. If you are filing form 4868 then you should submit it to IRS by midnight on April 18^th, 2017.

IRS will give a personal tax extension until October 17^th, 2017 to file your 2016 income taxes. Maybe you have a chance to file your tax returns anytime during the extension period (6 months). IRS very rarely accepts extensions above 6 months.

Who are the ones who request Tax Extensions?

This personal tax extension is generally requested by individuals who are financially unstable or the ones who do not have the ability to file their tax returns.

Tax Extensions for Certain Special Circumstances

If you are outside of the United States on 18^th April, you will automatically be granted a tax extension for 2 months (June 15^th) even no need to file form 4868. Nevertheless, if you want extra time then you should file a tax extension for 4 months otherwise, it is mandatory to file form 4868 by 15^th June.