Filing extension; taxes not done on time, it is ok

Filing extension for tax purposes is not complicated. The IRS has developed a form to make this a simple and easy process. This is the Form 4868, Application for Automatic Extension of Time to file U.S. Tax Return. This form must be properly filled out and submitted on or before the filing due date for that year which is usually April 15. If April 15 falls on a Saturday or Sunday, the following Monday will be the due date. This form is available in English and Spanish languages.

There are special rules that for those Americans that are overseas. Publication 54 was designed to assist those in this situation. Items clarified in this publication are whether or not you must file a tax return and were to send tour tax return, how to file electronically and how to treat foreign currency. Also in this publication are lists of other publications from the IRS that may be useful. Those are the 3 Armed Forces Tax guide, 501 exemptions, standard deduction and filing information, 505 tax withholding and estimated tax, 519 U.S. Tax guide for Aliens and the 970 tax benefits for education.

Also included in this form are additional forms and instructions to assist the tax payer with filing their tax return. These include the 1040-ES estimated tax for individuals, 1040X amended U.S. individual income tax return, 2350 application for extension of time to file U.S. income tax return, 2555 foreign earned income exclusion, 4868 application for automatic extension of time to file U.S. individual tax return and the 8822 change of address.

To correctly file for a filing extension the form 4868 must be submitted on time, but all penalties and interest of tax that is owed will still have to be paid.

Note that while we believe the above information to be correct, we are not tax attorneys. You should consult a tax attourney or a licensed accountant for tax advice. Please be sure to read our disclaimer, available in the sidebar to the left.

It is critical to seek professional council when dealing with income tax forms and related matters. Study on the computer is a great approach for keeping your hourly lawyer bills low, but always check your findings with a licensed attorney or accounting professional before making any financial or business decisions. If you need more information about IRS audits or other tax topics, visit us today at http://www.irs-help-tax.com.