Famous Irs Tax Extension References

Printable IRS Form 4868 Tax Extension Tax Year 2017 (For Filing in 2018 Tax Season from www.cpapracticeadvisor.com

Top-performing Keywords for IRS Tax Extension

Introduction

If you're among those who have missed the tax deadline, don't worry. The IRS tax extension provides you with extra time to file your taxes without facing any penalties. However, it's essential to understand the process of obtaining an extension and the consequences of not filing your taxes on time. In this article, we'll discuss the top-performing keywords for IRS tax extension and everything you need to know to avoid any penalties.

Top-performing Keywords

1. IRS tax extension 2. File taxes late 3. Tax deadline extension 4. Filing extension 5. Tax return extension 6. Late tax payment 7. Late tax filing 8. Tax extension form 9. Extension deadline 10. Late filing penalty

What is IRS Tax Extension?

An IRS tax extension is a request that taxpayers can make to the IRS to extend the time to file their taxes beyond the original due date. The IRS grants an automatic six-month extension to taxpayers who file Form 4868 by the original due date. However, it's essential to note that an extension only provides more time to file your taxes, not pay them.

Consequences of Not Filing Taxes on Time

Failing to file your taxes on time can lead to severe consequences. The IRS charges a late filing penalty of 5% of the unpaid taxes per month, up to 25% of the total tax amount owed. Additionally, interest will accrue on the unpaid taxes until they are paid in full. Therefore, it's always better to file your taxes on time or request an extension if you can't meet the deadline.

How to Obtain an IRS Tax Extension?

To obtain an IRS tax extension, taxpayers must file Form 4868 by the original due date. The form can be filed online or by mail. If you file online, you'll receive a confirmation number from the IRS, which you should keep for your records. However, if you file by mail, you should send the form to the address listed in the instructions.

What Happens After You Request an Extension?

Once you request an extension, the IRS will grant you an automatic six-month extension to file your taxes. However, it's essential to note that the extension only applies to filing your taxes, not paying them. Therefore, if you owe taxes, you must estimate the amount owed and pay it by the original due date to avoid any penalties.

How to Estimate Your Taxes?

To estimate your taxes, you can use the IRS's income tax calculator or consult a tax professional. It's essential to make a reasonable estimate since underestimating your taxes can lead to penalties and interest charges.

What If You Can't Pay Your Taxes?

If you can't pay your taxes by the original due date, you should still file your taxes on time to avoid the late filing penalty. You can then contact the IRS to set up a payment plan or request an offer in compromise to settle your tax debt for less than the full amount owed.

Conclusion

In conclusion, an IRS tax extension provides taxpayers with extra time to file their taxes beyond the original due date. However, it's essential to understand the process of obtaining an extension and the consequences of not filing your taxes on time. By following the guidelines discussed in this article, you can avoid any penalties and interest charges and file your taxes on time.

Share :