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What is a Tax Extension and Tax Extension FAQ's

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The April 18th Tax deadline is right around the corner, and like many other taxpayers all across the USA, you may be panicking. But don't worry! The information found in this article provided by the tax pros at RWB Tax Services in Villa Rica and Douglasville, Georgia, will cover all your tax extension questions.

You'll learn how to file for a tax extension, the benefits of filing an extension, and what penalties to expect if you miss the deadline. We'll also discuss how much time a tax extension actually gets you. So please read on to find out how to get a little more peace of mind as we approach Tax Day!

The deadline for filing your taxes for this year is quickly approaching. We all know that. But it's not too late to file for a tax extension if you need one. First, however, you will need to fill out Form 4868 and mail it in asap. But we'll go over that in greater detail later.

For now, you'll especially want to know the following basic facts before filing an extension on your income taxes:

  • The IRS grants automatic extensions of 6 months past the original April 18th deadline.
  • If you owe money after April 18th, you will be charged interest on any unpaid taxes.
  • If you want more time, then you'll need to file for a tax extension using Form 4868 and attach this form to your final return to receive the extended due date of October 15th.

First, What is a Tax Extension?

A tax extension is basically the process of filing your taxes after the original deadline. So, if you are granted an extension, you will receive an additional six months' worth of time to finish and file your tax return.

Why Do I Need a Tax Extension?

Life happens! In this post-Covid 19 world, there are numerous reasons that you just didn't get to finish your taxes. Maybe you or a family member were sick - or perhaps something else significant happened to you and your family.

It might even be something minor. Either way, life happened, and at this moment in time, you're not entirely ready to submit your completed income taxes to the IRS on the April 18th due date. But there is good news: If you need more time to prepare your tax return, you can ask for a time extension to complete and file your tax return, up to October 15th, from the Internal Revenue Service.

The reason you need a tax extension from the IRS doesn't really matter. The IRS gives them automatically as long as you fill out the proper form, Form 4868, and send it in before the due date. However, if you think you're going to need it, don't put off filing for an extension until the last minute either! If you have questions, you can contact RWB Tax Services and speak with an expert tax preparer right now at 770-459-9980.

What are the Consequences of Getting a Tax Extension?

If you file for a tax extension, you will need to pay interest on any unpaid taxes if you owe money after April 18th. Additionally, the IRS will charge penalties if you don't submit your final return by the original extended deadline of October 15th.

The Benefits of Filing a Tax Extension

With more time and less stress on your side, you'll now be able to confidently review and complete your tax returns and confirm that you're going to claim all available tax benefits that you can. Plus, you'll bypass the failure-to-file consequences, which can total up to 25% of the taxes due if you do owe anything!

A tax extension will end up giving you much more time to complete your income taxes. This is because the IRS grants an automatic extension for an additional six months past the April 18th deadline.

When you do owe any money to the IRS, remember that filing an extension only gives you more TIME to submit your income taxes - not more time to PAY! Your payment is still due by the deadline for filing your taxes.

On the other hand, if you forget the Tax Day deadline because you're in the hospital or you're out of the country, you do have choices. Even if you have some other reason why you can't get your taxes filed before April 18th, then extend for as long as possible using Form 4868!

How Much Time Does an Extension Give You?

You get an extra six months of time to file your taxes if you get a tax extension. Simply put, you now have until October 15th to file your completed return instead of the original April 18th deadline.

If you owe money when April 18th comes around, then you'll need to file Form 4868 by April 17th to avoid paying penalties on your overdue tax balance. If you do not owe any money to the IRS, then it's worth considering filing an extension just for peace of mind. But remember, extensions only give you six extra months past the original deadline of April 18th - so plan accordingly!

Penalties for Missing the Tax Deadline

If you miss the Tax Day deadline, just know that you will be charged a penalty fee.

The penalties for missing the tax deadline are as follows:

  • 5% per month of unpaid taxes up to 25%
  • A $205 minimum with a maximum of $7,500
  • Half of your balance is owed to the IRS if you owe more than $50,000 in taxes.

How to File a Tax Extension

If you haven't filed your taxes yet, don't worry. You can still get an extension to file them! You'll need to file for a tax extension using Form 4868 and attach this form to your final return in order to receive the extended due date of October 15th.

You can also file for a tax extension by calling the IRS at 800-829-1040. They will talk you through the procedures over the phone and will give you a confirmation number.

Even easier, if you're still confused, why not give RWB Tax Services in Villa Rica, GA, a call and speak to a real person? These tax experts will be able to answer any questions that you have about them and their work. Call RWB Tax Services now at 770-459-9980.

Is it possible for anybody to get an automatic extension?

Yes. Thankfully, you can always get extra time to file your return if you ask early enough. Some people try to get an extension every year. It doesn't matter how much money you make or what kind of tax status you have.

I want to get a six-month extension. How do I get it?

To request an extension, complete Form 4868. You can either print and mail Form 4868 or electronically file it. Don't forget to include an extension payment if you owe income taxes.

So how would I receive a state tax return extension?

Certain states automatically extend your deadline whenever you apply for a federal extension. Others demand you apply for a state extension separately. Seek the advice of your state or a tax prep like those at RWB Tax Services to ensure you avoid any late filing penalties.

Would receiving an extension provide me with additional time to pay my taxes?

This question has a very simple answer: NO.

Extending your tax return does not give you additional time to pay your taxes. However, if you believe you will owe any money, you should include a payment with your application for an extension to avoid penalties and interest.

What is the harm in requesting an extension if I'm confident I'll receive a refund?

Even if you are confident that you will receive a refund, you should file your tax return as soon as possible. Submitting your taxes becomes more complex as time passes, and you take the chance of forgetting significant facts about the tax year if you keep putting them off.

Are there special rules since I'm a member of the military?

If you served in a battle zone or were stationed internationally during tax filing season, you will be granted an automatic extension. If you are eligible for that extension, you will typically have an additional 180 days to file and pay any federal income taxes owed.

How do I find out if my tax extension was approved?

The extension will be accepted as long as it is properly filed. The simplest way to ensure that this process goes as smoothly as possible is to use a tax software service or tax professional like RWB Tax Services in Villa Rica, GA, that confirms your extension once it has been approved. If you file on your own, you can call the IRS customer service line (800-829-1040) to make sure you did everything correctly.

Have Any More Tax Questions? Team Up With Our Tax Experts at RWB Tax Services!

This upcoming tax season might be a nightmare for many Americans whose lives have been affected by the pandemic, among other things. Because you're one of them, you should contact a knowledgeable tax preparer who is aware of the latest trends and updates for this tax season, like RWB Tax Services in Villa Rica, GA.

When you want to make sure your taxes are successfully done and avoid potential tax mistakes that might cost you big bucks, our Georgia tax professionals at RWB Tax Services, with over 50 years of combined experience, are here to support you! Call RWB Tax Services at 770-459-9980 right away.

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