IRS Form 4868
Candlefocus EditorIn the event that taxpayers do not pay their full owed income tax by the due date, interest will be charged along with potential penalties for late payment. It is recommended to pay as much as possible with the Form 4868 to reduce any interest charges or late fees that may be incurred over time. Additionally, tax filers should be aware that they may not be able to get Form 4868 processed if they are filing their taxes electronically. In this situation, they will need to file a paper return in order to request an extension with the IRS.
The due date to submit Form 4868 to the IRS is usually April 15, the same date as when individuals have to file their federal income tax return. However, if the due date falls on a weekend or holiday, the date when Form 4868 needs to be submitted gets pushed to the next business day.
When completing Form 4868, the taxpayer should make sure that all details are properly filled out and that all necessary forms are attached. Otherwise their request might get denied and they might not get the desired automatic extension of time to file a federal income tax return, leading to potentially costly penalties and interest fees.
Once the form has been submitted, the IRS will typically grant taxpayers the requested six-month extension. Taxpayers, however, should still keep track of the amount of time left in their extension so they can get the documentation ready and file their tax return by the new due date. The new due date is usually October 15, but in certain cases, the IRS may grant a longer extension if the taxpayer is a U.S. Citizen or resident alien living outside of the United States at the time the tax return is due.
Overall, IRS Form 4868 is a useful form which tax filers can use if they need an extension of time to file their federal income tax return. It is important to keep in mind, however, that submitting this form only extends the time to file the return, and not the time to pay any taxes due. Therefore, individuals should pay as much as possible by the original due date of their return in order to reduce any interest charges or penalties.