An IRS Extension can save you money and headaches!

IRS Extension Basics for Any Situation!

irs extension helpSome tax years are more complicated than others. Gathering all of your documents, calculating all sources of your income and expenses, and making sure you take advantage of all your deductions and credits doesn't always get done by April 15th. So, what should you do if you just don't have enough time? An IRS extension can give you the time to get your taxes prepared accurately.

IRS Extension for Individual Taxpayers

If you file individual tax returns, the rules for an IRS extension vary per situation. For most taxpayers filing for an IRS extension, there are a few rules that always apply. A Form 4868 must be filed by the April 15th deadline, and you should send it with a check for the amount you are estimating your tax debt will be. This is only an IRS extension to file your tax return. It is not an IRS extension to pay your debt. If you do not pay your taxes by April 15th, Failure to Pay penalties and interest will be added onto your tax debt when you do file. Also, if you intend to file your return jointly with a spouse, both of you are required to sign the Form 4868.

IRS Extension for Special Situations

If you are outside of the United States or Puerto Rico during tax season, the IRS grants you an automatic two-month IRS extension to file and pay your taxes. All you have to do is attach a statement to your return explaining that you were living or stationed outside of the United States during tax season.

For those serving our country in a combat zone or contingency operation, or are hospitalized due to an injury received in either of those situations, you are granted an IRS extension of at least 180 days after leaving to file and pay taxes. In some military situations, you may have up to a year to get caught up.

IRS Extension for Businesses

Many businesses have difficulty getting everything turned in by the April 15th deadline. Corporations filing a Form 1120S only have until March 15th, and this can be incredibly tricky. It is recommended that LLCs, Partnerships, and Corporations request an automatic IRS extension to be on the safe side. If your business files a 1065 or 1120, you can file a Form 7004 to get a six-month IRS extension. However, you should still pay your estimated tax debt before the original deadline, when you file for an IRS extension. If you do not, penalties and interest will be added onto your tax debt.

IRS Extension for Non-Profits

If you are a Non-Profit having a difficult time getting your Form 990 or Schedule A filed by the May 15th deadline, you have your own set of rules for getting an IRS extension. You need to file a Form 8868 before the May 15th deadline for an automatic three-month IRS extension. If you still need more time, you can request another three months by filing another Form 8868 and filling out the information in Part II. The second IRS extension is not automatically granted and can only be done if you requested the first extension.

Do you need help with your IRS extension? Consult a professional. Call now or fill out the form below for a free tax debt consultation on whether an IRS 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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