How to File an Income Tax Return Extension Form

It is a situation we all try to avoid: April 15th is upon you, and your tax return is not done. Yet, every year, millions of Americans find themselves in just that predicament. While procrastination is often the primary  reason for not filing on time, not having the proper documentation runs a close second. When you realize your tax return will not be ready, there really is no need to panic, because your friendly Internal Revenue Service offers you Form 4868, which allows you more time to file your return. There are usually many questions surrounding the form: here are a few answers.

MY TAX RETURN WILL NOT BE READY IN TIME. DO I ALWAYS NEED TO FILE FOR AN EXTENSION?
Absolutely. Even if you think you are getting a refund, you must file for an extension. If you do not, and you file your return after the deadline, you face penalties for filing late, even if the government owes you a refund. You can file anytime before the filing deadline.

WHAT FORM SHOULD I FILE? CAN I FILE AN EXTENSION ELECTRONICALLY?
Individual filers who use the 1040 family of forms can file Form 4868 by mail, which must be completed and postmarked by the filing deadline. You can also file Form 4868 electronically, so consult your tax software program or preparer for more information. Please note that if you do file electronically, you will need to have a copy of your 2004 return available. The IRS will require specific information from your 2004 return, like your adjusted gross income, to verify your identity. Most preparers and IRS offices will have Form 4868 on paper if you prefer to file by mail. If you are filing a business or corporation return, there are different forms you must fill out, including Forms 7004 and 1138. Please consult with a tax professional for more information.

Published by Victor Medina Victor has served as a Community Voices columnist for THE DALLAS MORNING NEWS and editor of the NORTH TEXAS HIGH SCHOOL SPORTS REPORT. He has been featured in THE WALL STREET JOURNAL & several national magaz...  View profile

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