One of the most commonly asked questions regarding your income taxes is whether or not it’s all right to file an extension of time. Form 4868 is the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return forms, and it is perfectly legal. This is a form for those who might not yet have all their income tax forms, whose accountant has not finished their return or those who need more time to file – your reasons don’t really matter so long as this form is filed and you are able to prove it to the IRS. The form is free to file, and it really does not require much information.
To file this form, simply download it from the IRS’ website and fill out the information requested. Once you fill out the form, you will mail it to the address specified on the form – there are several so please be sure to read through them to know you are sending yours to the correct location. Forms go to different addresses for different taxpayers depending on your state of residence. Additionally, you will also find that you will send a check along with your form if you owe money, and you will send extension applications with payments to different addresses based on your state of residence.
Finally, you will need to have your extension postmarked no later than tax deadline day. When the IRS receives your extension, it goes into your file and you are then going to have an additional six months to file your income tax returns before they are considered late and you are then forced to pay penalty fees and things of that nature. It’s your decision to file an extension, and it’s usually a pretty good one; just be sure you do it correctly.
Photo by Getty Images