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If you are not ready with your tax returns yet and the dreadful tax day aka April 15 is nearing, what you mostly need is a tax extension. No matter what might be the reason for not filing, IRS allows for an extension of 6 months on filing tax returns and this provision is known as tax extension. The deadline is postponed to October 15 and this way you will have more time to make up for the mistakes such as having inadequate documents or lack of preparation. Not filing tax returns and failing to file an extension too can lead to hefty penalties, starting from 5% of the unpaid taxes to a maximum of 25%. Apart from failure-to-pay penalty, if adequate finances are a major problem in your case and provided you fail to pay off the dues within April 15, an additional failure-to-pay penalty is added to the latter. Filing for a tax extension not only provides you with extra time but also helps to avoid penalties. The procedure to apply for an extension is pretty simple, yet it provides you with an opportunity to file a good tax return and have a good tax history. Here’s more on how to apply for a tax extension. • The last date to apply for a tax extension is April 15 and for an easy and quick filing, people prefer e-filing over the traditional ways of doing it on paper forms. • You can either request the extension forms from IRS by mail or download for free on its website, the second option being more practical and feasible. You would need form 4868 for individual purposes and form 7004 for business purposes. • Once you have the access to the form, all you would need to apply for a tax extension is your name, contact details and your social security number. Make sure to make no entry errors or provide any false information and you can be rest assured that your application will be approved! • To further confirm the status of your application, you can track the same through internet. You will also receive a confirmation mail from the IRS on the approval so that you can prepare to file your tax return in peace. Note that this provision wouldn’t be available if you are filing offline. • In addition, your application wouldn’t be lost as it would happen in the case of mail. There are many e-filing provider websites who will teach you how to apply for a tax extension, provide you with the forms for free, advice on all features of extension and help you complete filing within 5 to 6 minutes! As told before, it is really simple to understand how to apply for a tax extension. For more information, you can contact the IRS website or take the help of an e-file provider website to help you understand how to apply for a tax extension and also managing your application for you. FileLater.com is an authorized e-file provider website helping the taxpayers of the US, both individuals and businesses to know how to apply for a tax extension by providing all the forms, resources and advice. For more on filing a tax extension, visit About.com.
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