Tax Return Extension
2017 - 2018
As the clock ticks and the new year captivates our celebratory
mood, the ball drops, a new day rolls in, and that tax return preparation
time of year comes to our full attention, for better or worse...
this annual task done on time can be a bit elusive for many of us.
Fortunately, that's just what a tax return extension
Tax season always use to weigh heavy on my mind, but
several years ago I filed for my first tax return extension and it's
been my cup of tea ever since.
is, I file a tax return extension regardless of whether I feel I will
meet the tax filing date or not. This just allows me to be more relaxed
and passive as the April 15 income tax due date approaches.
Taking extra time to prepare your tax return can lead to more tax
savings for several reasons.
- You can wait for tax return software to go on sale
- You have extra time to discover tax deductions
- You have more time to evaluate your tax return before submitting
it. This gives you more time to apply different tax filing statuses
you may qualify for to see if it makes better financial sense.
It's a real sense of relief to me to not have that April 15 date
hanging over my shoulders and pushing down on me as the due date draws
American Taxpayer Tax Code Confusion
Collectively, Americans taxpayers spend over 6 billion hours each
and every year dealing with tax issues.
The sad part is that a lot of it is due to the U.S. tax code and
its 4 million words of confusing mumbo-jumbo.
The National Taxpayer Advocate reported a figure of approximately
4,680 changes to the tax code over the last decade. That is truly manipulative
The complexity of the tax code has made it pretty much impossible
for tax professionals, and average citizens to stay abreast of the current
With that in mind, itís not surprising that each year, more than
10 million individuals file for extensions.
Tax Return Extension Tips
When is a tax return extension
Tax return extension form 4868 must be filed on or before the tax
filing deadline of April 15. It will grant you up to six additional
months to prepare and file your federal tax return.
4868, also referred to as the Application for Automatic Extension of
Time to File U.S. Individual Income Tax Return. Now that's a mouthful!
Special rules may apply for extending your tax filing date if you
need to file a tax return but live outside of the U.S., or are a military
member serving in a combat zone.
What is the purpose of a
Tax Return Extension?
A tax return extension grants you more time (6 more months) to prepare
and file your tax return. However, Failure to pay any taxes owed on
time, will result in a financial fees including penalties and interest
Special Tax Return Extension
Some taxpayers may qualify for an exemption from the financial penalties
associated with late filing.
Tax filing leniency can be a gift to you if you were involved in
a catastrophe in your life. Severe storms, Boston Marathon bombings,
and other situations have traditionally been situations where American
tax payers were awarded more time to file.