The dreaded “tax day” is almost here. All personal income taxes are due to the IRS on May 17, 2021. This is just days away at this point. Individual taxpayers who file tax information on their personal income tax returns may need more time to file this year.
Needing a few additional months is totally understandable any year, but since we are filing for the tax year 2020, one of the most stressful years on record, needing to file an extension may be a given.
Are you nodding your head in agreement so far? You’re not alone, here’s what you need to know before you file your tax extension this year.
What Extension Form is required?
The IRS Tax Extension that is required to extend personal income taxes is Form 4868. This extends the following forms:
How does the Form 4868 extension work?
The Form 4868 is a fairly easy form to file as long as you have all the necessary information. You must complete your request for an extension and submit it to the IRS on or before the original deadline of your form.
In this case, the deadline to file Form 1040 is May 17, 2021, therefore you must file the Form 4868 no later than May 17, 2021. The IRS will not even consider accepting your extension past this point.
Generally filing an extension 4868 successfully will provide you with an additional 6 months to file your return, taking your new deadline out to October 15, 2021. However, this year the IRS gave every taxpayer an automatic extension until May 17, 2021.
Since they provided you with an extra month you can now request an extension for an additional 5 months. This may seem confusing at first, but essentially your extended deadline will still be October 15, 2021.
What method should I use to file Form 4868?
There are two methods available for filing Form 4868. You can file electronically or mail a paper copy to the IRS. If we are being honest, the IRS prefers e-filing hands down, and of course, so do we (it’s what we do!).
Not only is the IRS able to process your form at a much faster rate, but you can get instant updates using this method. Instead of sitting in a mail bin in the IRS backlog, you will know almost immediately whether your extension was accepted or rejected. If it was rejected, this gives you more time to correct the errors and retransmit the extension.
The IRS also provides a perfection period to correct the errors and re-transmit it with the IRS, to learn more about this, click here.
Much like TaxBandits, you will experience the superior, user-friendly application flow that TaxBandits provides.
Whether you are filing on your own behalf or requesting an extension for your clients, ExpressExtension is equipped to help you file easily and successfully. Individual taxpayers will enjoy the easy accessibility of the application, while tax professionals can take advantage of exclusive features like bull filing, volume-based pricing, and a dashboard designed to track the status of your client’s extensions.
Check with the help video to see how to complete Form 4868 with ExpressExtension: