Whew. You’re cutting it close. If you’re an individual or a business and you have yet to file your taxes, you’re really up against it! Tax Day 2019 is quickly approaching, and with the April 15 deadline set in stone, you’ve really got to make a move.
But what if there’s no way to get it all together in time? Are you completely doomed? Not at all! TaxBandits is here to help with some last minute tips for filing a personal tax extension or, for entrepreneurs, a business tax extension.
Hurry! Today’s the Last Day to Get a Tax Extension!
Now is not the time to delay. You may feel like you have to just give up and accept the fines or penalties that the IRS may have in store for you. This is simply not true! The IRS has some emergency brakes in place, you just have to pull the lever!
For those filing their personal taxes, there is Form 4868. You can file this form with the IRS in order to get an extension.
For entrepreneurs filing taxes on behalf of their business, there is Form 7004. This is the form you send to the IRS in order to extend the time you have to file.
Depending on how you’re filing – as an individual or a business – take a look below to get information on each of these IRS extension forms. Read up quick, before April 15 is over and you’re seriously out of luck!
Form 4868 for Personal Extension
With Tax Extension Form 4868, you can receive up to 6 months of extra time to file. The trick is, you have to file the form by the tax deadline. If you wait until after, it’s too late. So, like it or not, you’re going to have to file something by the April 15 deadline.
The good news is that filing IRS Form 4868 is much simpler than you might think, and you can get it done in a manner of minutes. And, it works to extend the time you have to file any of these forms:
- Form 1040
- Form 1040A
- Form 1040-EZ
- Form 1040NR
- Form 1040NR-EZ
- Form 1040-PR
- Form 1040-SS
Note: Unfortunately, Form 4868 does NOT give you extra time to pay your taxes. If you do owe taxes, you still have to pay them on time in order to avoid those costly tax penalties and interest.
Bottom Line: IRS Extension Form 4868 is used by individual or joint taxpayers to receive an automatic tax extension of up to 6 months to file their personal income tax return.
Form 7004 for Business Extension
If you file it in time, Form 7004 can give your business an automatic extension of up to 5 or 6 months.
How do you know if you’ll get 5 or 6 months? This is determined by the type of tax form being filed. There are specific partnerships, trusts, and estates that can only apply for a 5-month extension.
Bottom Line: IRS Extension Form 7004 is used by C-Corporations, S-Corporations, Multi-Member LLCs, Partnerships, Trusts, and estates to extend their filing deadline.
How To File a Tax Extension with TaxBandits
It’s simple! Filing either your personal tax extension Form 4868 or business tax extension Form 7004 with TaxBandits could not be any easier! We promise you’ll be done in a matter of minutes! To help the process go even faster, we’re listing the six quick steps you can expect:
- Create or log in to your free account.
- Select the tax extension you need (personal or business).
- Enter the required information.
- Review your Form Summary & check for any errors.
- Pay for your form and send it to the IRS.
Bottom Line: You could have more time – up to 6 months – to file your taxes! Take a few minutes and head on over to TaxBandits to see how easy getting a personal or business tax extension before the April 15 deadline could be.