IRS Tax Extension expert advice for taxpayers in need!

IRS Tax Extension: The Real Facts

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Sometimes, April 15th comes much too soon to do your taxes accurately. Maybe you had a death or illness in the family absorbing most of your time. Maybe the person who usually prepares your taxes is no longer available. Maybe you lost all of your records. Whatever your reason for not being ready to file, you should seriously consider filing for an IRS tax extension.

How an IRS Tax Extension Works

An IRS tax extension gives you six months from the due date of the return to file last year's tax return. For individual taxpayers, the deadline is usually October 15th. Most business tax extensions expire by September 15th. Self-employed individuals and sole proprietors have until October 3rd. If you are a survivor of a natural disaster, a special deadline of October 31st may apply to you.

How to File an IRS Tax Extension

If you are an individual taxpayer, you will need to file a form 4868 by the due date of your tax return. Give an estimate of how much you believe you will owe in taxes, and how much you have paid the IRS throughout the year. Try to be as accurate as possible when figuring the estimate of tax liability. You have the option to e-file an IRS tax extension request. Otherwise, you will need to look up the appropriate address to mail the request, as you would with your regular tax return.

Self-employed individuals and sole proprietors without employees file a 4868. Other businesses must file a 7004 to request an IRS tax extension. When you fill out the 7004, provide the form code for the tax return you are required to file. Also calculate how much your total tax was for the year and what you will owe after figuring in all the payments and credits made throughout the year.

Pros and Cons of an IRS Tax Extension

You may be wondering if there is ever a reason not to file an IRS tax extension. Just as with any decision you make regarding taxes, there are upsides and downsides.

IRS Tax Extension Pros

  • Extra time to make sure your tax return is accurate.
  • Extra time to claim any helpful deductions and tax credits.
  • Extra time to file without accruing late filing penalties.
  • Tax preparation professionals charge less after April.

IRS Tax Extension Cons

  • You still have to pay your full tax debt by the April deadline to avoid penalties.
  • Filing for some tax programs may disqualify you for an IRS tax extension.
  • You cannot change your filing status from married filing jointly.
  • You may wind up in a cycle of filing IRS tax extensions.

What Happens if You Don't File by Your New Deadline?

Filing an IRS tax extension implies that you are required to file a return. Any time that you file an IRS tax extension and do not file a return at all for that year, the IRS starts investigating. They may even file a Substitute for Return with a much higher tax debt.

Who Should and Who Shouldn't File for an IRS Tax Extension

Be sure you have a real reason for requesting an IRS tax extension. If you are simply procrastinating or are scared of owing the IRS, this is not the right choice for you. If you know that you will not be able to pay your tax debt, there are far better tax debt solutions out there.

For help filing an IRS tax extension or other tax problems consult a professional. Call now or fill out the form below for a free tax debt consultation on whether an IRS tax extension is the right choice for you! We'll only connect you with a tax debt relief company holding at least a B rating with the Better Business Bureau.

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