Today, we're here to talk about filing an extension on your taxes. The form 4868 is used to request an extension on your taxes. It must be filed by the due date, which is typically April fifteenth. In order for the extension to be approved, you have to meet a few minor requirements. Meeting the requirements is not typically very difficult; it's more important to be aware that if you file for an extension, you may still be liable for interest and penalties if you owe taxes. This is a major part of the equation that you need to factor in. The form 4868 is a very simple form that requires you to fill in your personal information, such as your name, date, address, and social security number. Additionally, it has a place for estimated taxes due and a line for taxes that you've already paid. The form provides a bottom line of the remaining taxes that you're estimating you will owe. If you anticipate owing a sizable amount of taxes, it is advisable to make arrangements to see if you can pay as much of it as possible. By doing so, you'll eliminate interest and penalties on that portion of the debt. Once you submit the form, you typically receive a six-month extension, lasting until October 15. However, depending on your circumstances, there are a few other categories that may grant a two-month extension, such as being out of the country. For most people, the extension is for six months.
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Video instructions and help with filling out and completing Are Form 2350 Deduction
