If the Internal Revenue Service hasn’t heard from you yet, it’s time to think about taking an extension!
April 15 really is Tax Day this year; there are no weekends or holidays pushing back the filing deadline, as in some previous years. And, while there’s been some talk in Congress about giving everyone more time to file, those proposals haven’t turned into law yet.
Nonetheless, the government does give taxpayers six more months to file the paperwork. An extension can be filed online or by mail. Better yet, it’s automatically approved.
The IRS won’t ask you why you need it. BUT – and it can be a big “but” – the IRS still expects you to estimate income and pay any taxes due by the deadline.
If you can’t make the deadline, it’s time to join the multitudes of taxpayers asking the Internal Revenue Service some extra days on Form 4868, named or “Application for Automatic Extension of Time to File U.S. Individual Income Tax Return.” For a copy of the form, see https://www.irs.gov/pub/irs-pdf/f4868.pdf
The IRS suggests using its online service called Free File. But the agency also notes that tax preparation software typically provides the form. It’s still legit to mail in a paper Form 4868 and a check – postmarked on or before April 15, of course.
The tax collectors also offer other online ways to pay, sch as IRS Direct Pay, which is available online and on the IRS2Go app. In fact, if you make an electronic payment and label it for an extension, you don’t need to file the extension form. The IRS automatically counts it as an extension.
Finally, don’t forget any state taxes you owe. In Minnesota, you don’t have to file an extension form. BUT – just as with the federal return – you must pay an estimate of taxes due to avoid penalties. Minnesota Department of Revenue accepts tax payments through its Web site.
We at EricJohn Ltd. wish you easy and accurate filings for your 2018 tax return!