Buddhist Catholic Contemplative Evangelical General Christian Hindu Jewish Latter-day Saint Muslim New Visions Progressive Christian

Beliefs

Topics

Columnists

Resource Library

Research Tools

Video

Podcasts

Thought Readers

Faith In Media Tracker

Newsletters

Ad-Free & Subscriber Log-In Subscription Support

Follow Patheos

Faith and Finance

Home
Evangelical
Business, Finance and Religion
How to File the Federal Tax Extension Form

How to File the Federal Tax Extension Form

Last updated on: February 17, 2016 at 2:32 pm by Bob Lotich

How to File the Federal Tax Extension Form 2016-02-17T14:32:36-05:00 Bob Lotich

LOGO Patheos Explore the world's faith through different perspectives on religion and spirituality! Patheos has the views of the prevalent religions and spiritualities of the world.

Filing a tax extension is simple. If you need extra time to work through your tax documents and just don’t think you’ll be able to finish your taxes by the April 18th tax deadline, you can file for an extension.

Once you file the tax extension form, you’ll have until October 17th 2016 to file your taxes (an extra 6 months). This doesn’t mean that you get an extra 6 months to pay your taxes. That’s why it’s so important to estimate you taxes owed and pay them before April 18, 2016. Otherwise, you might end up with penalties and interest to pay the IRS.

Oh and if you still need to file your taxes this year, you can file them for free (even state) here.

How to File a Tax Extension Form

1. Estimate Your Taxes Owed

You’ll need to have an idea of how much you owe in taxes because you’ll need to send in the payment before April 18th. Gather all your tax documents and create a rough estimate of what you’ll owe.

2. Download and Complete the Tax Extension Form

The IRS requires you to download and complete Form 4868. Part I is your personal information and Part II is for your individual income tax. You’ll need to be prepared to provide:

– Estimate of total tax liability for 2015

– Total 2015 Payments

3. Return the form By April 18

On the bottom of the form you’ll mail form 4868 to the appropriate address based on the state in which you live.

If you don’t file the tax extension form in time, you may have to pay a late payment and late filing penalty.

Late Payment Penalty

From to the IRS website:

The late payment penalty is usually 1/2 of 1% of any tax (other than estimated tax) not paid by April 18, 2016. It is charged for each month or part of a month the tax is unpaid. The maximum penalty is 25%.

Late Filing Penalty

From the IRS website:

A late filing penalty is usually charged if your return is filed after the due date (including extensions). The penalty is usually 5% of the amount due for each month or part of a month your return is late.

The maximum penalty is 25%. If your return is more than 60 days late, the minimum penalty is $135 or 100% of your unpaid tax, whichever is smaller.

You Can Even File an Extension Online

Sites like TurboTax, H&R Block and TaxAct have features that allow you to file a tax extension online. Some will charge but others (like TurboTax) wont.

Have you ever filed an extension on your taxes? Do you plan on filing this year?

Taxes

Previous Post

January 18, 2016

Income Tax Calculator: 3 Federal Income Tax Estimators

Next Post

March 18, 2016 Five Ways to Retire With Less Money

Browse Our Archives

Select a Category ALL Bible and Money Biblical Perspective Book Reviews Budgeting Business Corner Churches and Pastors Debt Encouraging Scriptures Entrepreneurship Faith and Economics Family and Money General Personal Finance Giving Inspirational Quotes Investing Making Money Other Personal Finance Retirement Reviews Round Up Saving Self-Improvement Taxes Uncategorized

Select a Month January 2019 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 November 2016 October 2016 May 2016 March 2016 February 2016 January 2016 January 2015 November 2014 October 2014 August 2014 April 2014 March 2014 January 2014 December 2013 November 2013 October 2013 August 2013 July 2013 June 2013 May 2013 April 2013 March 2013 February 2013 January 2013 December 2012 November 2012 October 2012 September 2012 August 2012 July 2012 June 2012 May 2012 April 2012 March 2012 February 2012 January 2012 December 2011 November 2011 October 2011 September 2011 August 2011 July 2011 June 2011 May 2011 April 2011 March 2011 February 2011 January 2011 December 2010 November 2010 October 2010 September 2010

TAKE THE

Religious Wisdom Quiz

Who said, 'My kingdom is not of this world'?

Select your answer to see how you score.

Paul Peter Jesus John