Are you tied up with your busy works & have no time to prepare your 1040 return?
Do you know that you can get an extension to file your return?
Yes. Just spend a few minutes in reading this article to know more about IRS Extension Form 4868.
Personal Tax Extension Form 4868
Form 4868 is a tax extension that provides additional time to report 1040 return to the IRS. It includes all taxpayers who file the 1040s, as well as single-member LLCs.
For example, If you are a U.S individual and applied for a 4868 extension, the IRS will automatically grant you a six-month extension time to file your 1040 Tax Return. IRS won’t even ask any explanation for filing this extension.
Form 4868 can be used to apply for a time extension for the following forms
- Form 1040
- 1040NR
- 1040NR-EZ
- 1040-PR
- 1040-SS
Form 4868 can be filed by
- Individual or Joint Filers of 1040 Form
- Sole Proprietorships
- Single Member LLC's
Filing Form 4868 for Couples
If you are a couple, you don't need to apply for extensions independently. Form 4868 has space for both of your Social Security numbers.
Does 4868 extension is applicable to Sole Proprietor or Single Member LLC?
You don't need to file Form 4868 separately if you are a sole proprietor or a single-member LLC who files a Schedule C (Form 1040) as your income includes the business profit.
You cannot use Form 4868 to apply for an extension if your business is a corporation, partnership, or multiple-member LLC. Instead, use Form 7004 to apply for an extension as it has different rules for the business tax extension.
Deadline for Filing Form 4868
You can paper or E-File Form 4868 on or before April 15 unless you were away from the country at that moment.
Perfection Period:
Make use of perfection period to correct and re-transmit the Form 4868 extension, if submitted prior the due date and the form got rejected. Any transmission after the perfection period is considered as late filing.
The perfection period for Form 4868 extensions is five days.
Paying Tax Due
Keep in mind; if you owe taxes and not filing a tax return or tax extension on time, it will result in penalties. You are required to make an estimated payment as a tax with Form 4868. Form 4868 does not extend the time to pay taxes.
Information required E-file 4868
- Your Name, Address, Social Security Number and Spouse's Name if married and filing a joint return
- Estimation of total tax liability for the year
- Total of any payments already made towards your tax obligation
- Balance amount you owe
- Amount you're paying with your extension request
ExpressExtension - Industry Leader in Tax Extension E-Filing
It's now simple and easy to e-file form 4868 with IRS authorized electronic filing program ExpressExtension, which provides the most effective way to file Form 4868 online with the IRS.
With ExpressExtension, you get instant approval from the IRS regarding your filing status. You'll be notified via email once the IRS has approved your extension. You can fix the errors and re-transmit the rejected 1040 extension form to the IRS for free. Tax preparers can manage extensions for multiple clients under a single account. And our U.S. based support team is available to answer your questions from 9 AM - 6 PM EST, Monday through Friday via live chat and over the phone, with 24/7 email support.
To know more about our tax extension software, please visit expressextension.com.
