Did you know that the average American household pays about $5,000 in taxes each year?
Every time tax season rolls around, people begin to feel more stressed out than usual. If you’re in a situation where your paperwork is particularly complicated, then you might not have enough time to do everything right. An expert may even suggest waiting for various reasons.
Are you wondering how you can get more time to do your taxes? Keep reading to learn all about filing an extension for taxes.
Filing Versus Paying
When it comes to tax filing, you must remember that it’s different from paying your taxes. When taxes are due, they must be paid. If you can’t pay them right away, then you can expect to pay interest for the time that passes between then and when you can pay the balance in full.
However, you can file an IRS extension request for the paperwork that comes with doing taxes.
Electronic Tax Payment
One way you can buy time is by paying the full amount of your estimated taxes online. You must make this payment before the deadline passes.
You’ll be glad to know that you can also pay a portion before the deadline if you still need time to gather the money. There are various ways you can get this done, such as paying with a debit or credit card or even using the Electronic Federal Tax Payment System. You also have the option of transferring funds from your bank account with the IRS Direct Pay function.
Before you complete the payment, don’t forget to notify the IRS that you’re doing this to extend your filing timeline.
File Form 4868
If you want to avoid using the electronic system, then you’ll need to file a tax extension form and mail it to the IRS. You can do this online if you’d like.
Whatever you do, don’t forget to postmark the envelope so that it’s anytime before the due date. As any professional tax services professional will explain, you’ll have to mail it with the USPS if there is a payment enclosed. This is because all payments must make it to a P.O. box to be properly processed.
Without payment, you’ll be fine sending the form with UPS or another private mailing service.
Are You Ready to Get an Extension for Taxes?
Now that you’ve learned all about filing an extension for taxes, you can make sure you have all the time you need to do your paperwork the right way. The last thing you’d want to do is rush everything and make an expensive mistake.
If you have any questions about our high-quality services, please don’t hesitate to contact us or schedule a free consultation. We’re eager to simplify your taxes and make all your headaches go away.