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All about Tax Extensions?

 

The IRS facilitates the tax payers to pay their taxes even after the deadline for the submission of taxes has been missed by the individual, business or estate by obtaining an extension. If you are able to successfully obtain the extension then you will not have to pay any penalties for late tax submission.

Filing an extension on a personal tax return

The facility is also available for individual persons; you can apply for extension just by completing a Form 4868 for a six month extension. The form is simple; it requires your identity information and requires you to make an estimated tax payment. This form needs to be submitted to the IRS within the actual tax submission deadline which generally is 15th of April each year.

Extensions for U.S. expatriates

The extension of 2 months is available for expatriates if they are out of the U.S on the tax filing deadline. The pre requisite in this case is that your primary place of business must be outside of the U.S or you must be an active U.S military soldier posted outside the country.

Estate tax return extension

The estate tax is normally due within the next nine months of the death of the concerned person. The executor of the estate can apply for extension, the form for which is Form 4768 to receive a six month extension.

If the executor is out country then he or she can apply for an addition six months extension which makes it totals of 12 months extension.

Business tax return extensions

A partnership business can avail an extension of five months automatic for filling its income tax returns; the form for the purpose is Form 1065. Similarly a corporation can also submit Form 7004 and avail six months extension. However a company which is owned by a single person i.e. a sole proprietor company can only apply as an individual using the Form 4868.


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By |2016-07-09T22:49:48+00:00July 9th, 2016|Blog|0 Comments

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