Form 1040 is the most important official document that every U.S citizen file every year to report each personal income, expenses, & credits to the IRS.
If you receive the following income types, you must file 1040:
- Self-employment income.
- Tips not reported to your employer.
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Income you receive as one of these:
- Partner in a partnership
- Shareholder in an S corporation
- Beneficiary of an estate or trust
- Insurance policy dividends that are greater than your paid premiums.
- Interest received or paid on securities that were transferred between interest payment dates.
- Distributions from a foreign trust.
It is one of the most complex forms & it takes more time to compute and report the above information on Form 1040. If you don’t have substantial experience in tax filing and numbers, then you may need an accountant help to complete the form, or require enough time to prepare & file Form 1040.
1040 Tax Extension Form 4868
Form 4868 is for the U.S taxpayers who require an extension of time to file the 1040 tax return. With applying for this automatic extension, the taxpayer gets six additional months to do the paperwork for the tax return.
Check how simple it is to file 1040 Tax Extension
You must remember that there is no extension on paying your taxes that are due! To avoid penalties, make sure that you have included your tax payment mode along with your extension application.
Due Date to File 4868 Extension
April 15 is the due date to File Your 1040 extension Form 4868. And you get six months to file your 1040 tax return. i.e., October 15.
Common reasons that may rely on rejection of your extension
Mostly, your extension Form will not be rejected by the IRS. But for a few reasons, it may lead to rejection.
- If your Name & SSN mismatches with the IRS database.
- Failing to inform the adjustments to the IRS. For Example, your Name may have changed after marriage or divorce after filing with the IRS. Hence, IRS cannot identify the tax information with your extension request.
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Ensure you use the correct tax extension form for your business type.
- Form 4868 for individuals & sole proprietors
- Form 7004 for partnerships & corporations.
Common things you should know in Tax Extension Forms
Perfection Period
If you file the form before the due date & the tax extension Form is rejected, the IRS provides you with five days of grace period to correct & retransmit your extension form.
The perfection period for Form 4868 extensions is five days, ending on April 20.
Note: If you do not file extension on time, perfection period won't be applicable for you.
TimeStamp
The IRS considers the timestamp of the extension filed as the date & time of submission.
For Ex: If you have filed at 11.59 PM under a Pacific region time zone, and if the IRS office is in an eastern region time zone, the IRS will not consider the return as late filing.
What If I’m Out of the Country?
If you’re a US Citizen and are away from the country during the 4868 deadlines, the IRS allows two extra months to file your tax return and pay the total amount due without an extension.
You are considered as out of the country, only if:
- You live outside the U.S. and Puerto Rico, and your primary place of work is outside the country.
- You’re a military or naval service worker & your duty is outside the United States and Puerto Rico.
How Do I Pay the Balance Due?
You can pay the balance due in the form of a check or money order if you mail your request to the IRS.
If you choose to file 4868 electronically, you can pay through electronic payment options such as Electronic Federal" Tax Payment System (EFTPS) or Electronic Funds Withdrawal (EFW).
How do I apply Extension Online?
ExpressExtension helps you to apply extension online easily!
As an Authorized IRS e-file provider, ExpressExtension makes your filing of 1040 extension form more secure & simple. Processes like entering the details, transmitting, & IRS acceptance happen in a matter of a few minutes.
As it is an automatic tax extension, you are not required to enter any explanation for filing extension form. With our simple step by step process, you can automatically extend your tax filing deadline to six months.
Our US-based support team helps you at any time during the filing process of the tax extension forms.
