Still feeling the fatigue of filing your taxes from last year? Well, gear yourself up for another turbulent ride because the tax filling time is just around the corner. Filing taxes is an important task, and experts recommend you to complete the process within the set deadline. Sometimes though, it just doesn’t happen and you are left with feeling tense about the nearing deadline. What to do in such a situation? A good tax preparer will tell you to file an extension.
Have confusions regarding tax extensions? Worry no more – we’ll clear the concept of tax extension in this blog so that your tax preparation goes as smooth as planned.
When should you file an Extension?
Tax extension is the process of increasing you tax filing deadline by a few days. The original tax return deadline is the 15th of April of every year. The obvious part to you filing for an extension is because you just can’t seem to be able to file your taxes on the deadline. Once you are aware that you aren’t ready, it is recommend that you file for an extension because according to the IRS regulations, filing an extension will help you avoid the penalty of late filing of taxes and other punishments that might be added in the coming tax law updates.
How does one file an extension?
You can file your tax extension by using the 4868 form which is also known as the “Automatic Extension of Time to file”. For those of you who are tech savvy, online application for extension is a better option.
Filing a tax extension is an easy process to avoid an added late tax filing fine. Having said that, programs such as the Annual Filing Season Program and the Annual Refresher Course coupled with effective tax preparation will ensure that you stay away from filing an extension.
