Tax extension may not solve all problems
I lost my W-2’s. I didn’t have time. It just snuck up on me.
It could happen to anyone. Each year thousands of Americans let their tax returns come down to the last minute and discover a piece of the puzzle is missing. Marengo County is no exception.
While the deadline will not pass until midnight local post offices will ask that filers keep in mind their hours will remain the same. As of Thursday no local post offices had expressed any plans of remaining open pas their usual hours.
So what do you do when the zero hour arrives and your statements are still sitting on your desk or coffee table? The best bet is to file for an extension.
Extensions allow filers up to four months of additional time to get their taxes in. In some cases they will not be due until Aug. 15.
It is highly advised anyone who thinks their tax return will not be filed by today’s midnight deadline to file for extensions as soon as possible.
Extensions have numerous benefits. Obviously, they give people more time to prepare, but they also allow filers to avoid stiff penalties from the Internal Revenue Service.
There are several ways to file for an extension, however the easiest is online. You can e-file your extension directly to the IRS or download IRS form 4868 and mail the extension to the IRS.
Those filing for extensions are asked to remember that an extension is only an extension of time to file your taxes, it is not an extension of the April 15th deadline to pay estimated taxes to the IRS.
There are certain rules and forms to keep in mind if you do need to file an extension.
If you need time beyond the automatic extension, you must file Form 2688, an application for additional extension of time to file U.S. individual income Tax Return.
Special rules may apply if you were:
Living outside the United States or
Serving in a combat zone or a qualified hazardous duty area.
Individuals are not the only ones who must sometimes file extensions. Sometimes extensions for corporations are also needed. If you are a corporation in need of a tax extension it is advised you use Form 7004, which is an application for automatic extension of time to file corporation income tax return, or a Form 1138, which is an extension of time for payment of taxes by a corporation expecting a net operating loss carryback.
To gain an extensions for a partnerships individuals must complete Form 8736, an application for automatic extension of time to file a U.S. return for a partnership, REMIC, or for certain trusts or Form 8800, which is an application for additional extension of time to file a U.S. return for a U.S. partnership, REMIC or for Certain Trusts
Other extension forms include:
Form 2350 Application for Extension of Time to File U.S. Individual Income Tax Return (For U.S. Citizens and Resident Aliens Abroad Who Expect To Qualify for Special Tax Treatment)
Form 2758 Application for Extension of Time to File Certain Excise, Income, Information, and Other Returns
Form 4768 Application for Extension of Time to File a Return and/or Pay U.S. Estate (and Generation-Skipping Transfer) Taxes
Form 5558 Application for Extension of Time to File Certain Employee Plan Returns
Form 8809 Application for Extension of Time to File Information Returns