What is Form 4868?
Form 4868, also known as the ‘Application for Automatic Extension of Time to File U.S. Individual Income Tax Return,’ serves as a lifeline for those seeking more time to submit their personal tax return. With the IRS deadline falling on April 15th for the 1040 Form, if you’re not ready to file, Form 4868 offers an automatic six-month extension without the need to provide a specific reason for the extra time.
Why Should You File 4868 Tax Extension?
If you have missed your deadline to file your return, the extension option will save you from IRS penalties and there are several more reasons why you should file tax extensions.
Avoid Penalties: The tax extension option helps you avoid late-filing penalties. While you’ll still need to pay any taxes owed by the original deadline, you won’t be hit with penalties for filing late.
Reduce Stress: The six-month extension time allows you to gather all your financial records so you can ensure the accuracy of your tax filing status, which helps to avoid hassles.
Claim deductions and Credits: Hurrying your tax return filing may cause you to miss your valuable deductions and tax credits. With tax extension, you can receive all advantages and benefits.
Financial Flexibility: An automatic extension time allows you to plan and execute financial commitments effectively which leads you to maintain flexible financial status.
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