The date of April 15 looms large for many people who file their tax returns, as they are not able to complete the paperwork on time. People have to allocate time separately from their busy schedules to accomplish this unsavory task of tax preparation and filing. Many people are too busy to finish it on time, while others procrastinate and put off this task till the last moment and are not able to complete it on time. Some people may not have made timely arrangements to get the required forms and so the task will get delayed because of non-availability of forms. For all these multiple reasons people are filing extension for taxes and thankfully it is a simple process.
April 15 is the deadline to file the tax returns and if you miss this date the IRS will provide you with more time to file your returns. The process of filing the extension for taxes is through the Form 4868, which will provide you with a time frame of an additional six months to file your returns. This extension will bring your deadline date to 15th of October.
Filing extension for taxes, only means that you are requesting the IRS to give you time for filing your tax papers and forms. It does not provide you with additional time to pay your taxes. Even though you have not prepared your tax returns you will have to pay the tax which you feel you owe the tax department. So by 15th April your payment of tax should be over, otherwise you will be penalised by the IRS and will be required to pay interest as well.
The 4868 Form is only one page long and easy to fill. The form asks for your name and social security number if you are applying individually. The 4th line asks for an estimate of the tax you owe the IRS. You should give an accurate estimate of the tax due on your taxable income. The next line asks for the federal tax amount which is not yet paid or the amount paid as an estimate for the year. Subtract the two amounts and fill in the figure of tax due in the next line. If you are supposed to get a refund, then a zero should be entered. On the tenth line you will have to fill in the amount you are sending along with the form. This amount should be as near the figure you owe the tax department as possible.