Posts Tagged ‘Form 4868’

An Extension of The Time To File Your Tax Return Is NOT An Extension of The Time To Pay Your Income Taxes!

Monday, March 28th, 2022

The exclusive purpose for the information which is provided from this website is to disseminate information, and not to provide tax advice. 

This is the time of year in which it’s almost time to “pony up” those unpaid income taxes for last year.  There could also be valid reasons in which you are not ready to file your tax returns – missing tax return information (still do not have your last W-2s, 1099-R or Schedule K- 1 s, etc.), the large amounts of funds that you need are not yet available, or your tax preparer has not met with you to review your tax returns).  There are also other reasons.  However, while the Tax Code does permit you to request a six-month extension of the time to file your tax returns, it does NOT allow for you to request or delay the “time to pay” your total prior year taxes after the statutory deadline.

Well, what other options are available to you?

a.  Borrow the funds from your business, friends, or relatives

b.  Use your credit card

c.   Obtain a short-term loan from your bank or financial institution

d.  Submit a request to the Internal Revenue Service to participate in an “Installment Agreement” [Form 9465 – Form 9465 (Rev. September 2020) ( ]-Submit this completed form with your tax return.

To avoid having to pay late payment fees and penalties, you can also review the IRS “Safe Harbor Rules”

#1 –Actual 2021 Federal tax liability is within $1,000.00 of your total 2021 tax  deposits for combined withheld taxes and estimated tax deposits, or;

#2 – You have already deposited a total of 110% of your 2020 tax liability  or;

#3 –You pay 90% of your 2021 Federal tax liability on or before April 18th.


Action To Take IF You Are Not Ready To File Your Tax Return(s)

Thursday, April 10th, 2014

The exclusive purpose for the information which is provided from this website is to disseminate information, and not to provide tax advice. 

What You Should Know if You Need More Time to File Your Taxes


The April 15 tax deadline is approaching. What happens if you can’t get your taxes done by the due date? If you need more time, you can get an automatic six-month extension from the IRS. You don’t have to explain why you’re asking for more time. Here are five important things to know about filing an extension:

1.   File on time even if you can’t pay.  If you complete your tax return but can’t pay the taxes you owe, do not request an extension. Instead, file your return on time and pay as much as you can. That way you will avoid the late filing penalty, which is higher than the penalty for not paying all of the taxes you owe on time. Plus, you do have payment options. Apply for a payment plan using the Online Payment Agreement tool on You can also file Form 9465, Installment Agreement Request, with your tax return. If you are unable to make payments because of a financial hardship, the IRS will work with you.

2.   Extra time to file is not extra time to pay.  An extension to file will give you six more months to file your taxes, until Oct. 15. It does not give you extra time to pay your taxes. You still must estimate and pay what you owe by April 15. You will be charged interest on any amount not paid by the deadline. You may also owe a penalty for not paying on time.

3.   Use IRS Free File to request an extension.  You can use IRS Free File to e-file your extension request. Free File is only available through the website. You must e-file the request by midnight on April 15. If you e-file your extension request, the IRS will acknowledge receipt. You also can return to Free File any time by Oct. 15 to prepare and e-file your tax return for free.

4.   Use Form 4868.  You can also request an extension by mailing a Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. You must submit this form to the IRS by April 15. Form 4868 is available on

You don’t need to submit a paper Form 4868 if you make a payment using an IRS electronic payment option. The IRS will automatically process your extension when you pay electronically. You can pay online or by phone.

5.   Electronic funds withdrawal.  If you e-file an extension request, you can also pay any balance due by authorizing an electronic funds withdrawal from your checking or savings account. To do this you will need your bank routing and account numbers.

Visit for more information about filing an extension and the many options you have to pay your taxes.

IRS YouTube Video:

IRS Podcasts:

Are You Missing Required W-2 Forms??

Wednesday, February 9th, 2011

Unless you plan to request an automatic extension of the time required to file your 2010 Federal tax return (Form 4868 for Individuals, Form 7004 for Businesses), it will soon be time to file.  Additionally, the “4868” or “7004” do provide for an extension of the time to pay your taxes.   All of taxes which have not been paid still must be paid in full on or before March 15th or April 18th (this year), as applicable.

Certain forms will be required to be included with your Federal Form 1040.   If you are filing Form 1040 (PDF), attach all related schedules and forms behind your return in ascending order using  the sequence number which is located in the upper right hand corner of each  schedule or form.  Be sure to attach a copy of Forms W-2 and 2439 (Notice to Shareholders of Undistributed Long-Term Capital Gains) to the front of Form 1040.  If you received a Form W-2c (a corrected Form W-2), attach a copy of your original forms W-2 and any Forms W-2c.   Also attach Forms W-2G (Certain Gambling Winnings) and 1099R  (Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.) but only if any Federal taxes were withheld.

There are procedures which you should follow if you have not already received your W-2 form or have misplaced any (Recommendation – don’t wait until the last minute to make this determination – this process may require two-four weeks):  (more…)