Leaving tax payments for the last moment is not something advisable. However, it is true that sometimes it not possible to make things on time due to several reasons. It could be because of the lack of money or the hectic lives we lead. Other times it is simply because you have an emergency or you are ill the moment you had planned to do it. This year the deadline was on the 18 of April.
Is it too early to start thinking about taxes? Time flies and sooner than you expect Christmas is over and we are heading for spring right away. Filing income taxes to IRS has usually the same dates and deadlines for most taxpayers. Check it because some states may have an extra day to do it. This year Maine and Massachusetts had it on April 19.
If your area has suffered from a natural disaster there might be a different deadline as well. For those who are living abroad, there might be an extended deadline too. So, it is really important to take into account your personal situation in order to see when you have to file your income tax. Having to pay a penalty for not doing it on time is something you must avoid.
What are the steps to get an extension on your tax payment?
According to IRS, there are three different alternatives to get an extension automatically. Filing a U.S. individual income tax return is possible if you pay all or at least part of the estimated income tax for it. Do not forget to tell them that this payment is for an extension when you make use of direct pay. Direct Pay is a system to pay taxes for the Federal Tax electronically. You can use either a debit or credit card.
A second option is a form. The next thing you will have to take care of is filling in the right form. For this extension, you need form 4868. You can always do it online. Filing this form electronically is not difficult if you use the IRS e-file and your tax software. But if you prefer, you can hire a tax professional who can help you. In this way, you can leave everything to them and forget about this burden.
The third and last option is the traditional way. You will also be able to file Form 4868 on paper. After filling it in correctly, do not forget to double-check that you have done everything correctly. Then if you have made the payment of your estimate of tax due you can enclose it. Once you have filed it electronically you will receive an electronic notice. Keep it in case you may need it.