- April 4, 2014
The USA as a grown country considers individual federal tax returns as the most important way of contributing taxes towards the nation’s economy as always reflected through comparison to their jobs offered and unemployment status as per their economic indices which goes to prove that the US individual income tax return filing is equivalent to decide the status of being jobs offered as a friend with enough employment to US economy and pay tax to federal IRS as they are contributing towards nation’s growth. But however, when an unemployment scenario exists in the US nation it is a bad foe to exhibit that a job earning and a part of earning as tax in proportion is devoid of tax earnings for the IRS which is not a welcoming sign. While this may be a fact, at least those who are provided with jobs must realize the importance of contributing some small part of their earnings towards as a tax for federal or state government to use for the welfare of the nation and state and towards future growth of the nation.
Filing 1040 towards US individual income tax returns on or before April 15th, 2014 is as friendly to contributing to the USA as a nation. But failing to file pay taxes or returns on the due date of April 15th, 2014 cannot be considered as one a foe to the nation and IRS has provided the conveniences of support tax form 4868 to moderate the differences between a friend and a foe by getting an automatic extension of time for 6 months for all forms concerned under form 4868 which are as follows –
• Form 1040
• Form 1040A
• Form 1040EZ
• Form 1040NR
• Form 1040NR-EZ
• Form 1040-PR
• Form 1040-SS
• Form 709
The forms mentioned above are all eligible under IRS form 4868 to get a maximum of 6 months of automatic extension of time when filing form 4868 on the due date of April 15th, 2014 with paying a part of tax as calculated for income and expenditures and due tax liabilities as on date under each form as applicable. Then the due for filing individual tax returns will be October 15th, 2014 except for some pre-conditions for form 1040-NR and form 1040-NR-EZ as per the wages whether received as an employee or not under US income tax withholding, if not received the wages then file by June 16th, 2014 is the decision of IRS for one to follow.
In case of penalty for not paying tax on the due date of April 15th, 2014 cannot be misconstrued as form 4868 to be a foe to an individual because this is for the USA as nation’s purpose, an interest of 0.5 of 1% is charged for any tax other than estimated tax if not paid on or before April 15th, 2014. The maximum penalty is up to 25% calculated for each month. If most individuals pay their taxes on time on April 15th, 2014 calculating their income and expenditures along with tax liabilities and deductions in view of their over-cautious response to the IRS which is always good for individuals and the nation, and some individuals who are not paying tax in time to IRS then IRS is answerable to the nation especially when it comes towards claiming credit from excess taxes paid by most of the individuals and when not received the actual tax dues that IRS need to collect from unpaid tax dues from most individuals. That is why the interest and penalties come into place for both for not paying taxes in time on the regular due date of April 15th, 2014, and also for not filing returns in time even after getting the required automatic extension of time with the use of IRS form 4868.
Even Form 709-Generation-skipping transfer-GST-FORM 4868 helps as a friend to get an automatic extension of time for 6 months but not for paying gift or GST tax with the extended time of 6 months as applicable from April 15th, 2014. A friend in need is always a friend indeed is the proverb for which form 4868 will stand for and not for any bad cause is against the interest of the nation’s economy should be understood as per IRS instructions and guidelines.
File your friendly form 4868 electronically for getting the required automatic extension of time for 6 months for any reasonable cause to avoid huge penalties through IRS-certified service partner and provider Tax2efile.
