Personal Income Tax Extensions

• admin
• January 28, 2025
• 6 min read

Personal Income Tax Extensions

Before you decide to file for a personal tax extension you need to be well aware of the rules and guidelines. It is important to know what the IRS is expecting from you, as well as what you get when you file for a tax extension.

Once you are familiar with the following information, you should be able to request an extension of time to file with little to no difficulty:

First things first, a tax extension must be filed by April 15th. This is the original due date of the standard 1040 income tax form. If you miss this deadline without requesting a tax extension, the IRS will assume you are a delinquent taxpayer.

You should know well in advance if you are going to need a tax extension. Since filing for an extension is relatively easy, there is really no excuse for missing the April 15th deadline.

As you move forward, note that an extension gives you more time to file your tax return. A tax extension does not give you additional time to pay any taxes you owe. If you owe taxes, you need to send your payment to the IRS by April 15th to avoid a penalty.

If you realize that you need to file a tax extension, you must complete and submit Tax Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return) to the IRS. Once you’ve requested a tax extension, your return will be due six months after the original deadline, which is October 15th.

If you need even more time to file, you can include a personal letter to the IRS explaining why you require more than a six month extension. If approved, you may be granted an additional two months which will make your tax return due by December 15th of the same year.

While filling out Tax Form 4868 you will need to provide personal information such as your Social Security number, address, and an estimate of the amount of tax that you owe. Since you are not filing a complete return, you can estimate your tax liability and then pay that amount.

If you are due a tax refund you do not need to file a tax extension. There is no penalty for filing late unless you owe the IRS additional money. To determine if you owe money or are due a tax refund, you will have to fill out some portions of your income tax return (i.e. Form 1040).

The IRS does not require taxpayers to explain or give reasons for their tax extension request. That being said, additional extensions are rare, though special rules may apply for taxpayers living outside the country or serving active military duty.

Requesting a Tax Extension

If you are due a tax refund, the filing process is much less stressful because you don’t have to request extra time. On the other hand, if you owe additional money you will need to file a tax extension while also arranging to make a payment.

Obtain a copy of IRS Tax Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return). This one-page form will help you get a six month automatic extension to file your taxes. You can call the IRS to request this form or print it out online. If you are working with a tax professional, they can supply you with a tax extension form as well as any others that you may need.

Fill out Tax Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return) and submit it to the IRS by the due date, which is April 15. Note that Form 4868 can be filed electronically or by paper mail.

It would be in your best interest to pay in full, but sometimes this is not possible. Again, you are not buying yourself more time to pay your taxes when you file for a tax extension. The longer you wait to pay, the more you will owe in late fees.

While filling out Tax Form 4868 you will need to provide personal information such as your Social Security number, address, and an estimate of the amount of tax that you owe. Since you are not filing a complete return, you can estimate your tax liability and then pay that amount.

If you are due a tax refund you do not need to file a tax extension. There is no penalty for filing late unless you owe the IRS additional money. To determine if you owe money or are due a tax refund, you will have to fill out some portions of your income tax return (i.e. Form 1040).

The IRS does not require taxpayers to explain or give reasons for their tax extension request. That being said, additional extensions are rare, though special rules may apply for taxpayers living outside the country or serving active military duty.

Reasons You May Need a Tax Extension

In some situations, a tax extension is absolutely necessary. However, some people file for an extension every year even if they don’t actually need one. While this is not a good habit, it is something that taxpayers are able to do.

If you are not in the United States when your tax return is due, you will probably need a tax extension. Not only can you get a six month extension, but the IRS may grant you two additional months if you explain your situation to them.

You never know when an emergency (personal or financial) will pop up and force you to drop everything else. If this happens during tax season, you should file a tax extension. It will give you six more months to file and, more importantly, you won’t have to worry about organizing your taxes during this difficult time of your life.

Are you having a difficult time finding all the receipts that you accumulated during the past year? Did you misplace your W-2 or 1099s? While you could rush to file your taxes with what you have, there is no good reason you should take that risk. Rushing through your tax return often leads to mistakes ― and those mistakes can be costly.

If you wait too long to schedule an appointment with your tax professional, you may find that he or she is booked up through April 15th. Rather than filing your own return (which is risky if you don’t know what you’re doing), you can request a tax extension. When the madness of tax season dies down, you can then visit with your tax professional and take things from there.

To request a tax extension, fill out IRS Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return) and submit it to the IRS by April 15. Keep in mind that you must also send payment for any taxes due. Taxpayers may also file for an online tax extension at websites such as: FileLater.com.

Whether or not you apply for a tax extension is your decision. If you are facing any of the issues above, an extension may be just what you’re looking for. Remember, it is better to take advantage of a tax extension than to file and pay late.