Tuesday, 17 April 2018

It's Tax Day 2018! How To Apply For a Tax Extension?

Today is the last day to file tax return 2018! If you need the additional time, it is not too late… yet! Learn how to get a tax extension before having to face hefty IRS penalties and interest.

Tax Day 2018! How to Get a Tax Extension?

Despite your reasons for needing additional time, the IRS will automatically grant you a six-month extension of time to file your federal tax return. Also, the application process is quick, easy, and you will likely receive approval within the hour.

Why Should You File Tax Extension 2018?

If you owe taxes to the IRS and do not file your tax return or file an extension by midnight tonight, you will face IRS penalties and interest. The penalty amount will be based on the total tax amount you owe to the IRS.

However, penalties and interest typically do not apply when you are expecting a tax refund and fail to file a tax return.

Federal Income Tax Return Penalties

The penalties for failing to file a tax return or tax extension is much higher than failing to pay taxes owed to the IRS. If you fail to pay at least 90% of the owed tax amount you will be charged a late payment penalty of .5% per month.

If you fail to file your tax return or tax extension you will be charged a whopping 5% of your tax amount per month your return is late. This amount will be capped at 25% after five months of incompliance. The minimum penalty amount for filing your return late is the smaller of $100 or 100% of your owed tax amount.

How to Apply For a Tax Extension?

IRS Form 4868 is the 1040 extension formally titled the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. If you need to file tax extension Form 4868, you will need to e-file by midnight tonight. If you file by the tax extension deadline, you will receive an additional six months to file your tax return without incurring IRS penalties.

You can file tax extension 2018 quickly and easily with our sister product ExpressExtension. Their step-by-step interview-style process is equipped with built-in audits to ensure error-free filing.

Hurry before it is too late!! You have until midnight to avoid penalties! Luckily it only takes a few minutes to file your tax extension with ExpressExtension.com; create a free account now, click here.

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