Generally, personal tax returns are required to be postmarked or filed by 18th April. In case you are not able to file within the stipulated time, you will have to face a late filing charge of around 5% on the tax amount that you actually owe. The amount is added to the tax balance for the month that you do not file. Apart from the late filing charge, there are fees and interests that also need to be paid for being unable to make the payments of taxes within 18th April 2017.
Nevertheless, if you do not have the ability to file the tax returns within date, there is tax relief for you. You have the flexibility of applying for a time extension of 6 months for filing the tax return. Here, it is important for you to note that you do not have to provide a valid reason to the IRS for requesting the federal tax extension. Approved tax extension will offer you the flexibility of filing your tax returns after 6 months i.e, 17th October 2017.
The Form Needed for Requesting Tax Extension
Taxpayers can always get automatic tax extension by filing form 4868 (Application for Automatic Extention of Time to File IRS Individual Income Tax Return). This federal tax application form needs to be duly filled in and then submitted to the IRS.
You can file IRS form 4868 paper or e-file procedure is available at Etax4868.com website for filing their income tax extension. Others who are not willing to file their tax extensions electronically can choose to file through paper mail. If you’re filing by the paper is not notified by the IRS regarding the status of your request. Filing electronically will help you in receiving a confirmation mail regarding the approval or the rejection of your tax extension request.
You need to provide personal information on the 4868 form (your SSN number and spouse SSN number if married filing jointly) will be used by the IRS for identifying you. And also necessary for you to provide an estimate of the total taxes that you owe during the year and the amount that you have already paid. The information provided on the form is used for determining whether you owe any tax amount by 18th April.
Deadline to File a Federal Tax Extension Form
You should file your application before original due date April 18th, 2017 of your tax returns. If you’re going through paper filing, it should reach to IRS by April 18th. If you are efiling form 4868 then you should submit to IRS by midnight on April 18th, 2017.
IRS will give a personal tax extension until October 17th, 2017 to efile your 2016 income taxes. Maybe you have a chance to efile your tax returns anytime during the extension period (6 months). IRS very rarely accepts extensions above 6 months.
Who are the Ones who request Tax Extensions?
This personal tax extension is generally requested by individuals who are financially unstable or the ones who do not have the ability to file their tax returns.
Tax Extensions for Certain Special Circumstances
If you are outside of the United States on 18th April, you will automatically be granted a tax extension for 2 months (June 15th) even no need to file form 4868. Nevertheless, if you want extra time then you should file a tax extension for 4 months otherwise, it is mandatory to file form4868 within 15th June.