Tax is the lifeblood of the nation. As a good citizen of this fair country, you are expected to pay your fair share. Thankfully, we have reliable taxation software which allows us to efficiently submit our income tax returns.
Now, we may understand these taxation concepts, but sometimes, life gets in the way. Even if we have the taxation software to make filing easier, we may still have to file for a tax exemption.
The government allows a six-month extension. All you need to do is file Form 4868 to the IRS. If you have no idea how to, continue reading this article.
What You Need to Know about Form 4868
Form 4868 is filled out if you need to file for an automatic extension of your income tax return filing deadline.
Take note that it is also due on the same deadline as your income tax return. In recent years, it falls on April 15 or the next weekday if the said date falls on a weekend.
If you are a resident of Louisiana or Mississippi and some parts of Connecticut, New York, New Jersey, and Pennsylvania, you do not have to worry because you are automatically given an extension because of Hurricane Ida. Please also note that residents of Illinois and Kentucky are granted the same clemency because of the tornado that ravaged these states in December 2021. But kindly consult with your IRS disaster relief announcements to determine your eligibility.
You should not be afraid to avail of this, even if it is your first time to take advantage of this. It will cost you nothing and is relatively easy. You can even do it online.
Whether you will file it in person or online, you would need some pertinent information, such as your identification information (name, address, Social Security number, and your spouse’s Social Security number), and of course, your income tax information. You should already have an estimate of your total tax liability (for the year in question), total payments that you made, the balance due, and the amount you are paying.
The form would also ask you if you are a US citizen or resident who is out of the country or if you have filed a Form 1040-NR. It is an income tax return form for nonresident aliens who have businesses in the US during the tax year or otherwise earned income from US sources.
Filing Online
The form is pretty much straightforward. You might even say that doing it online is easier compared to working on your tax returns in your taxation software, especially if you have a tendency to be disorganized. Even some of this taxation software can help you file it.
Conclusion
Some people are afraid to file for a tax extension because they fear that it entails complicated processes. Contrary to such belief, it is very straightforward. Many tax preparers suggest doing this instead of paying a hefty penalty.
If the main reason why you cannot submit your returns on time is that you do not know what to do, you should immediately reach out to a tax preparer. Most of them utilize Keystone Tax Solutions taxation software because it is already designed to be GAAP-compliant. If you’re a tax business interested in our partnership packages, contact us for a free demo.
