Everyone’s Tax Return is unique to them, and each year there seems to be more and more information to organize. Although your taxes may have been simple in the past, it’s likely to get more and more detailed each year. For every major life event, taxes get more complicated. For example, if you have a child, adopt a child, buy a house, pay for college, or start a business (to name a few) your taxes become more complicated.
Due to the increased complications involved in filing a tax return, each year more and more people are filing Tax Extensions for their Personal, Business, and Non-Profit Tax Returns. The IRS accepts Personal Tax Extensions by filing a Form 4868. This allows individuals 6 additional months to file their tax return. Business Tax Extensions are filed with the IRS by using Form 7004. This allows businesses an additional 5-6 months to file their tax returns. Non-Profit organizations can also extend their tax deadline by filing an IRS Form 8868. This provides Non-Profit Organizations an automatic 3 Month Extension. They may then file for a Non-Automatic additional 3 month extension after that.
These easy options allow individuals and businesses to properly organize all of their necessary tax documents so that they can be sure that they are receiving the appropriate Tax Credits, and paying the right amount. Tax Professionals appreciate it when people file for an extension, rather than bombard an already busy person with much more work on the busiest week of their year. This is another incentive for individuals and organizations to file for a tax extension; accountants and tax professionals are less busy in the summer months than in April. Most tax preparers are neck deep in paperwork by the time the tax deadline rolls around.
Millions of people e-file their tax extension forms every year. The IRS has a digital initiative–a push to get up to 80 percent of their forms online–and tax extensions are included in that. E-filing a federal personal, business and nonprofit tax extension with Form 4868, 7004and 8868 is quick and easy. A tax extension extends the time to file, not to pay taxes (if they are owed).
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