For many, tax time comes far too early. While it is easy to say one will be ready to file every year on April 15th, the reality is that things come up and millions of people and businesses file for extensions ever year. It can seem a daunting task, however. For a federal extension, there is one form, Form 4868 that is needed to file for an extension. But what about state extensions?
There are nine states that don't require state income tax, so there is no need to file an extension. There are several states that grant automatic 6-month extensions. Still other states require that a tax payer file a form for an extension that will be good until October 15th. Someone looking to file an extension could wade through all of the different state requirements alone, or by looking through the information on the Federation of Tax Administrators website. This site has information on requirements for every state in the United States. It can be confusing to wade through this information for the common person.
To simplify things, though, Turbo Tax has a great online resource for those who wish to file an extension on their taxes. All a tax payer need do, when looking for a state tax extension, is go to the Turbo Tax website and the online tool will provide the proper instruction based on the state in which taxes are being filed. This can take much of the stress out of filing for extensions.
Tax preparers do caution, however, that this does not offer a penalty-free extension on filing taxes. Late fees and interest will still be assessed in most cases. Also, if tax payers are receiving money back on their state returns, they will not receive that money until after they file, even if filing late. It is best, if possible, to make an estimate of the taxes owed and to send in a check or pay before the April 15th deadline. In any event, Turbo tax is a great way to take the guess work out of filing for a state tax extension and will give each tax payer all of the information he or she needs to make an informed decision about filing.