If for some reason you are unable to complete your tax return or having any trouble paying your tax obligation by the deadline, you have the option and a strong good reason to request and file a tax extension. Using IRS form 4868 (the federal tax extension form), you can get an automatic extension up to six months until 15 October, which is give you more time to prepare the federal tax return and avoid tax penalties, particularly the late filing penalty.
This kind of tax extension not means you can late for paying all taxes owed. Owed taxes must be submitted with the form in order to avoid fees and penalties due to a late payment. Even if you properly file an extension on taxes, you can expect to be charged 0.5% of any tax owed for each month passed the deadline. To avoid this penalty, you can include a payment with this IRS 4868 Form.
How to file federal tax extension with IRS form 4868?
Filling out and complete this federal tax extension form is simple. All you need is standard identification information (name, address, social security number), an estimate of your total tax liability for the year, the total payments you’ve already paid this year, and the amount you’re including with 4868 IRS tax extension form. The Last day to file this federal tax extension form is the same by the regular individual income tax filing deadline which is 15 April each year or at 16 April for this year (see this general tax calendar and this 2012 simple tax calendar for individuals to be more specific).
Which tax returns are able to extend using IRS form 4868?
You can use form 4868 to file a federal tax extension on following individual income tax returns:
IRS Form 1040
IRS Form 1040A
IRS Form 1040EZ
IRS Form 1040NR
IRS Form 1040NR-EZ
Get this IRS Form 4868, Free Federal Tax Extension Form Download