IRS Form 1040 offers extension for filing of income tax returns. The extension of six months allows taxpayers to file their returns professionally and accurately. This article summarizes the need for extension and when and how one can file 1040 extension.
All taxpayers from United States can choose to file for IRS 1040 Extension, which allows for IRS Income Tax Extension. The dates can be extended from April 15 to Oct. 15. This extension is beneficial for businessmen, separated spouses, individuals who are out of country during filing process and other citizens of the US.
For all those who haven’t filed an IRS Income Tax Extension form before may find it a little difficult as certain rules for filing are supposed to be followed. On the other hand, those who usually file early may wonder why an extension must be filed.
Here are some of the reasons and situations in which extension should be filed for.
Situations in which one can file for extension:
Individuals owning their businesses or serving partners in a business expect K-1s file to extend their returns. Some businessmen find it difficult to finalize their books because they are filling orders or working in their markets.
Therefore, they can’t finish their returns or have been unable to meet their tax preparer that can lead to delays. So, to un-complicate the individual return, these businessmen can opt for extending their filing date.
Those who have ill or waiting for their child’s social security number or have to deal with filing issues with their separated spouse can also file for extension. But those who file for an extension must remember that extension doesn’t extend the due date for payment of taxes. The end date for tax payment remains the same.
When to file?
Filing for extension can be done till the filing for the original return. Since the usual date for filing original returns for Form 1040 is April 15 (unless a different date is declared or the individual is declared out of the country), hence the last date for filing for extension is April 15.
Individuals who are out of the country can file till June 15. Individuals can choose tax services, offline or online for filing these extensions or tax returns on time. This ensures professional approach to filing taxes and reduces hassles.
How to fill for an extension?
Individuals can choose tax services for filing or extension. These services represent the tax payer and help in filing of IRS Service Form 1040. The form can be e-filed through the computer. Payments for the same can be made electronically. And individuals who are unable to pay the amount electronically can send mail in payment with words ‘Form 1040’ mentioned on the payment voucher. Individuals must note that the IRS uses postmark on envelope as the date of receipt, so mailers should opt for sending their extensions at least a few days before April 15th to avoid any hassles.
Olivia Grey is a marketing professional and is very much interested in reading and writing. She loves to share useful information from her observation and experience.