IRS Extension

Applying for a IRS Extension

Any taxpayers who may need additional time to file the IRS federal income tax returns can file Form 4868 which is a request for an automatic IRS extension. This can be done through the IRS Free File system. Using Form 4868 will give an IRS extension for the tax return that lasts for an additional six months or until October 15 to completely file the federal income tax return.

A taxpayer can file the request for an IRS extension through the traditional Free File or instead the Free File Fillable Forms as well. Using the Free File system to prepare as well as electronically submit Form 4868 is free to all taxpayers.

Furthermore, a taxpayer can also use any paid preparers or purchased software in order to electronically submit and file Form 4868. A hard copy paper version can also be made available to download from the Internal Revenue Service website site, alongside other tax forms. However, the Internal Revenue Service only sends an acknowledgement that the agency has in fact received the request for the IRS extension, if an individual taxpayer chooses to use the e-file or Free Files to handle the request.

It is important to remember that an IRS extension is not to be used in order to extend the time to pay. A taxpayer must estimate the tax liability and then pay any balance due upon requesting the IRS extension. There are many payment options available, for example: credit card, check, and electronic funds withdrawal.

If a taxpayer is unable to pay the total balance that is due from the return, he or she should attempt to pay as much of the balance as possible and then proceed by contacting the Internal Revenue Service about setting up an installment plan. Even if the individual is unable to pay the balance that is due, it is still very important to either completely file a return or request an IRS extension in order to avoid the Internal Revenue Services’ failure-to-file penalty.

Every year, the Internal Revenue Service expects to receive millions of IRS extension requests, for example 10 million in 2010. Some individual taxpayers will automatically receive IRS extensions to file. These people include military personnel who currently are serving their country in a combat zone and have 180 days after leaving the area of the combat zone to file their tax returns. Also, victims of any recent natural disasters in given federally declared disaster areas are also given the extra time.

Important Tips:

• The Due date for filing an extension is April 18 for 2011 at midnight of the local time zone

• Almost everyone qualifies for an IRS extension and the IRS does not require an explanation for the extension. Most rejections come from incorrect submissions of name or personal information.