Although paying taxes is not a difficult task, most people fail to file their returns on time due to difficulties compiling their return files. You do not need to be concerned if you believe you will not be able to pay your taxes before the deadline. You can file for a tax extension online with the IRS and receive a grace period.
Most individuals are apprehensive as the IRS tax deadline of April 15 approaches. So, if you have good reason to believe you will not be able to prepare and file your tax return before the deadline. So, you should consider extending your tax return rather than being penalized for filing late.
Submit a tax extension online form
It is not difficult or complex to submit a tax extension online form, and you can obtain IRS Form 4868 and complete and submit it by April 15. To complete the form, you will need to supply some basic information, and are not available to justify your request for an extension.
- So, tax extension online is available to almost every taxpayer in the United States.
- So, it’s now simple to request an extension to file your tax return.
- You can go to a website that provides electronic filing and extension services.
- To complete the online extension form, you must answer a few easy questions.
- You’ll be able to submit your extension to the IRS electronically in minutes.
- You will receive an email from the IRS confirming that your deadline have extend to October 15 if you re-submit your extension file.
Tax Extension Online Installment Agreement
If using a credit card isn’t an option, you can use an installment agreement to pay any outstanding balance in monthly installments. If you’ve lost everything and the future appears grim, you might want to look into the Offer in Compromise program to reduce your tax liability.
- Fill out Form 9465 and attach it to your tax return to apply for an installment payment plan.
- If your total taxes do not exceed $ 25,000 and can pay in five years or less, the IRS has simplified the approval procedure.
- Make sure to provide the amount of your suggested monthly payment and the date on which you wish to pay each month. Make sure you can afford to pay.
- To establish an installment contract, the IRS levies a fee of $ 43.
- Unpaid taxes will also be subject to interest and a late payment penalty.
- Late payment penalties usually are half of one percent per month or one month’s worth of unpaid taxes. For any month, the penalty rate decrease to one-fourth of one percent.
Payment arrangement
If you file your return by the due date, the payment arrangement will take effect (including extensions). Failure to pay might result in a fine of up to 25% of the tax due.
- If you do not file your return by the due date, you may be subject to a late filing penalty.
- So, If you don’t file and pay your taxes on time, you’ll be fined 5% of the unpaid tax for each month or part of a month your return is late.
- A penalty of up to 25% of the un pay tax might impose if you don’t file and pay on time.
- The majority of people have no idea how easy it is to get an IRS file extension.
Deadline Being Push Back
It’s pretty simple, and it’s advisable to avoid the rush on April 15. Most of the time, CPAs and tax firms are heavily chastised and do not have time to examine their customers’ financial accounts thoroughly. When you file for an extension. So, you will have the opportunity to meet with a tax professional in a more relaxed setting. It may provide you with more time to arrange your tax extension online according to your schedule. So, if you do not need the services of a tax professional.
Automatic Extension Form
To request an extension from the IRS, complete IRS Form 4868, an automatic extension form. So, you’ll need to figure out how much you owe if you owe taxes. The IRS will continue to process interest on delinquent taxes if payment is not made by the 15th.
- Even if you owe taxes and can’t pay them. It’s good to know that the penalty for failing to pay is just 5% each month. Rather than 5% of the total amount owed each month. % of the time.
- You will get this unpaid penalty by October 15 if you file for an extension.
- If you elect to extend your tax filing deadline. So, you must postmark and mail your tax filing materials by April 15.
- To ensure that your tax amount is charged with the slightest interest. So, attach a check for the best estimate of the taxes you owe.
- So you can, of course, pay the fee online with a credit card at pay1040.com or officialpayments.com.
Conclusion
Even if you’re broken, the IRS wants you in the system. Whatever you do, be sure you submit your tax return on time. The IRS will assist you with payment concerns after you file. Don’t be concerned. Keep in mind that there are millions of factors to consider.
Author Bio
Villie Walters Ramirez is a 32-year-old Tax Filing Extension at a tax king who enjoys accounting and bookkeeping. She has a postgraduate degree in accounting.
