Income Tax Extensions Q & A

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Do you have a question about tax extensions that you want to ask? At TaxExtension.com, we are frequently asked a lot of questions regarding income taxes, filing taxes, paying taxes, and tax extensions. It’s not uncommon to be confused by the government’s jargon — but luckily, our team has assembled a list of commonly asked questions to help you understand the rules for getting an IRS-approved tax extension.

 

QUESTION: What Is Income Tax Liability?

ANSWER: The term ‘tax liability’ refers to the amount of tax that you owe to the Federal government. In other words, it is your annual bill from the IRS. Your tax bill is the result of taxation on your personal income (if you’re an individual taxpayer) or your business income (if you have a company). Your tax liability is essentially what you owe the IRS for the year, whether or not you had money withheld from your paychecks during that year. For instance, let’s say that your annual salary is $50,000 and you owe $8,000 in taxes to the IRS. Let us also assume that you have already paid $6,000 in taxes so far via withholding from your paychecks. Therefore, your total tax liability for the year is $8,000. But your current balance due is $2,000 (because $8,000 - $6,000 = $2,000).

 

QUESTION: Do I Also Need to File a State Income Tax Extension?

ANSWER: Different states have different regulations and laws regarding income tax and tax extensions. Some states (like Nevada and Florida) do not have a personal income tax, while other states (like Virginia and Pennsylvania) do impose a personal income tax. Certain states require you to submit a separate state extension application, while others will automatically accept a valid Federal tax extension. Visit the State Tax Extensions center for more information.

 

QUESTION: Do I Need a Legitimate Reason in Order to Obtain a Tax Extension?

ANSWER: No, the IRS does not require you to provide a specific reason for why you want a tax extension.  As long as you fill-out and submit the proper application (Form 4868 for individuals and Form 7004 for businesses) on time, you will be automatically approved for a tax extension.

 

QUESTION: How Long Will It Take Me to File a Tax Extension?

ANSWER: At TaxExtension.com, getting an extension online is easy and takes only a few minutes. We are an Authorized IRS e-file Provider, which means you can trust that your information is secure and shared only with the IRS. Our tax extension service allows you to conveniently fill-out an online form and have it sent directly to the IRS. You can use TaxExtension.com to file your personal extension (Form 4868) and/or your business extension (Form 7004) all from the comfort of your personal computer. And although it rarely happens, you can even re-submit your application for free if the IRS rejects it for any reason.

 

QUESTION: What Is an Authorized IRS e-file Provider?

ANSWER: It basically means that TaxExtension.com has been authorized by the IRS to electronically file tax forms on the behalf of taxpayers. In order to become an Authorized IRS e-file Provider, a company must meet eligibility criteria and pass suitability tests with the IRS. Our system undergoes routine security scans every day to make sure your personal information is kept safe.

 

QUESTION: What If the IRS Denies My Extension Request?

ANSWER: This does not happen very often, but if it does, TaxExtension.com will notify you at once and provide the reason(s) why your application was rejected. We will also help you fix any mistakes and then you can re-submit your application at no additional cost. Note that most rejections are caused by names and Social Security Numbers that don’t match IRS records. But don’t worry, TaxExtension.com does not charge you anything for a re-file! The IRS gives you a few extra days (usually until April 20th at the latest) to fix errors and re-submit your extension. If you have any questions, feel free to contact our helpful Support Team.