While deciding whether or not to file for an income tax extension, many taxpayers wonder if the IRS frowns on this sort of thing.
In fact, many tax professionals contend that filing an income tax extension actually makes you less likely to be audited by the IRS. This is believed because most IRS agents are busy filling their audit quotas in March, April, and May ― although the IRS won’t tell anyone their secret.
It is only natural to wonder. In most situations, you are penalized for lateness and past-due accounts via late fees and interest charges. Submitting a proper tax extension, however, means that you’ll have 6 extra months to file your personal tax return ― and you don’t have to worry about IRS filing penalties. But keep in mind, a tax extension only extends your deadline to file, and you must still pay any taxes owed for that year by the original due date of your return (April 15 for individuals and March 15 for businesses).
The IRS Doesn’t Care If You Request an Income Tax Extension
The IRS does not ask for a reason when you file for a tax extension. They will automatically grant a 5- or 6-month extension to anyone who fills out the application properly and submits it by the deadline.
Some people think that tax extensions are only for procrastinators who can't pull themselves together in time ― but you'd be surprised by how many individuals and businesses routinely file for tax extensions each year. Besides, you never know when something might pop up that demands your time.
There are many reasons to request a tax extension, including the following:
- If someone else failed to provide the proper paperwork (such as a W-2 or 1099 tax form) that you need in order to file on time
- If you experienced certain life changes (such as marriage, divorce, or having a child) and you are now faced with a new set of tax requirements, tax credits, tax deductions, and tax forms to deal with
- If your accountant (CPA) becomes overwhelmed with other clients ― who are before you in line
- If you couldn’t find a good accountant or tax preparer at all
- If you tried using tax software, but it didn’t work out for you
- If you’re just a procrastinator
No matter what your particular motive is, remember that the IRS doesn’t care (and doesn’t ask) why you’re filing for a tax extension. As long as you fill-out the form correctly (Tax Form 4868 for individuals and Tax Form 7004 for businesses) the IRS will automatically grant your request.
File Your Tax Extension Online Now!
Now that you've decided to file for a tax extension, you can request it online in just minutes right here at FileLater.com. The FileLater system will automatically check your application for mistakes to help ensure a smooth submission. You will also be notified via confirmation email as soon as the IRS approves your tax extension request.
Our dedicated Support Team is standing by to help you. If your tax extension request is denied for any reason, FileLater will tell you why. You will also be able to make any corrections and re-submit your extension at no additional charge.
Don't wait another moment! It’s easy to file an income tax extension with FileLater.
E-file your personal tax extension now.
E-file your business tax extension now.