Federal Personal Tax Extension
If you don’t think you can file your taxes on time and you need some extra time to prepare, you can easily get an additional 6 months to file your return without facing any penalties. For this you will need to submit a tax extension application (Form 4868) to the IRS. Once your request is approved, your tax filing deadline will move forward to October 15, giving you ample time to get your tax paperwork in order.
Before you file for a tax extension, there are certain things you should remember. First, the tax extension application must be submitted by the original filing deadline (April 15) in order to be accepted by the IRS. If you file your extension request after this deadline, you will not be eligible for one. Once you obtain an extension, make sure to file your tax return by the extended due date if you want to avoid penalties.
Another important factor to remember is that getting a tax extension does not change the due date for paying your taxes. So if you owe income tax to the IRS that year, you will have to pay your total tax liability (or at least 90%, to avoid the late payment penalty) along with your extension application. You are required to provide an estimate of your income tax liability when you apply for an extension. Failing to pay your taxes by the original due date (April 15) will result in late fees and interest charged by the IRS.
For a Federal individual tax extension, you must complete Tax Form 4868, officially known as the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. This form must be properly filled out and submitted to the IRS by your original filing deadline (April 15) to avoid a late filing fee. Note that you can submit Form 4868 online or by paper mail.
Federal Businesses Tax Extension
If a corporation, partnership, REMIC, multi-member LLC, trust, or estate requires additional time to file their taxes, they can request a tax extension from the IRS using Form 7004. Known as the “Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns,” this form will give you 5 or 6 extra months to file (depending on the type of business entity).
Form 7004 is divided into 3 main parts, of which Part III is mandatory for all filers. The other 2 parts should be filled out based on the type of extension you’re applying for. Always remember that getting a tax extension means you will only have extra time to file your taxes, not to pay them. If you owe a tax balance to the IRS, it must be paid by your original filing deadline to avoid any penalties.
Corporations that operate based on the calendar year are required file their annual return by the 15th day of the 3rd month following the end of the tax year. To get a business tax extension, the application form must be submitted to the IRS by that same date (typically March 15). Most corporations are allowed a 6-month extension, moving their filing deadline to September 15.
Other types of businesses (including partnerships, trusts, certain estates, and some multi-member LLCs) are required to submit their extension application by the due date of their personal income tax return (April 15). If approved by the IRS, these business entities will get a 5-month tax extension, moving their filing deadline to September 15.
For a single-member LLCs, which are not treated as separate entities for Federal income tax purposes, Form 4868 should be used to apply for a tax extension. In this case, submitting Form 4868 will extend the filing deadline for both personal and business taxes. This is because an LLC (limited liability company) is regarded as a “pass-through entity” and is reported as part of your personal tax return. The same procedure applies to sole proprietors, who can use Form 4868 to request both a personal and business tax extension.
If you are requesting a business tax extension, you will have to provide your Employer Identification Number (EIN) on Form 7004. However, if you are using Tax Form 4868 to get an extension, you should provide your Social Security Number (SSN) instead. Note that Form 7004 can also be submitted online or by paper mail.
State Tax Extensions
Now that you understand how to obtain an extension for your Federal tax return, the next step is to determine whether you can get an extension for your State tax return. Requesting a state tax extension can be as easy as your Federal extension, but it depends heavily on which state you live and/or earn income from.
Tax extension regulations are different in each state, just as the rules for filing taxes vary from state-to-state. Certain states (such as California and New York) impose high tax rates on personal and business income, making the benefits of a tax extension even more obvious. While other states (including Nevada and Texas) have no personal income tax, thus eliminating the need for a state tax extension.
Some states will automatically accept a valid Federal tax extension and do not require a separate state application. However, in other states, you will need to complete a state-specific form to apply for a tax extension. For more information, please visit the State Tax Extensions center.
Contact the TaxExtension.com Support Team if you have any questions about your tax extension.
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