Tax Return Extension 2018 - 2019
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...
Getting this annual task done on time can be a bit elusive for many of us.
Fortunately, that's just what a tax return extension can cure.
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.
Fact 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 near.
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 practices.
The complexity of the tax code has made it pretty much impossible for tax professionals, and average citizens to stay abreast of the current tax laws.
With that in mind, it’s not surprising that each year, more than 10 million individuals file for extensions.
Tax Return Extension Tips
When is a tax return extension application due?
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.
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 charges.
Special Tax Return Extension Circumstances
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.