What are the other details that are involved with the Form 4868?
Here in the Form 4868 through Tax2efile comes handy by virtue of its designed existence and as structured by IRS gives a very valuable extension of time of 6 Months to the form filers of 1040, 1040-A, 1040-NR, 1040NR-EZ, 1040-PR or 1040-SS and 1099. The Form 4868, although it helps as credit to these beneficiaries with the extension and this would never help in terms of whatever tax payable as calculated as on May 16th.
We here at Tax2efile always remind our filers that the due date for the 1040 Tax Form is May 17th of the current year. There cannot be any deviation as far as tax payable is concerned and at least should be worked out as 90% of the taxes to be payable by the due date. The due dates can be extended up to 6 Months for the full and final tax return filing in an annual tax year.
In simpler terms, Tax2efile helps individuals, independent contractors, sole proprietorships (Schedule-C) and single member LLCs a credit period or kind of deferral of payment of tax beyond the due date May 17th. E-filing the Form 4868 will allow an extension of time to push forward the due date to October 15th.
As a reminder, when the tax is not paid on the due date as directed by IRS, then the individuals, independent contractors, sole proprietorships(Schedule-C) and single member LLCs are all subject to a late filing penalty with interest, which may go up to a maximum limit of 25%.
Note: If 90% or more of your taxes owed are deemed to be payable on the tax due date of May 17th, you may be qualified to receive an extension, as slated through the Form 4868.
E-file with us & Get an Automatic Tax Extension Return for up to 6 Months!