When dealing with tax preparation, one of the major concerns is getting your tax return filed on time. Finding the time during the busy tax season to find a tax preparer or CPA can be difficult. The IRS and FTB knows that everyone can’t file with the time given, so they allow you to file an extension.
Extensions are useful for making sure that you can have the time needed to file and then make the payment for your taxes. Extensions are used a lot and aren’t just for extreme and exceptional circumstances – they are actually quite open and lenient in most cases towards an extension. Anyone can get a tax extension, so long as you choose to submit a Form 4868. This is the form for automatic Extension of Time and should be filed without failure by April 15th. Try and do it earlier, though, as the earlier you get it all processed and verified the easier you can start to plan to make the needed adjustments.
Remember that this is an extension to file the return in the first place, not make payments. If you have already filed, then you obviously don’t need an extension. If you do need to get an extension on the time needed to file, though, you can easily apply for it by getting the form that you need. Please also be aware that this form has to include payments for any taxes due to help avoid the accruement of interest, penalties and late payment fees. These will accumulate until you file your return so make sure you do this as detailed as you possibly can to help reduce time wasted.
Also, you will need to fill in Form 4686 as it’s for an Automatic Extension meaning that you don’t need to give any kind of reason or discuss why you need an extension with anyone. If you feel like an extension is what you need, then applying will get you one – it really is that simple.
The extension will last for six months and it will mean you have from April 15th until October 15th to get your house in order and make the necessary adjustments that you are being asked to do.
You can file the extension form you need online or you can work with a tax preparation expert to help you plan it all out and make sure it all makes sense. Once you file the form away and you get confirmation that you have your extension, you then have the time that you need to start adjusting your records to make sure you can give all the information needed.
No more extensions exist after this, too, so this is your final chance to avoid late filing penalties.
