How to File an Extension for Taxes

Step-by-Step Guide

1. 1

   Step 1: Get the proper form.

   For an individual extension, you'll need a copy of IRS Form
   4868.
   
   You can find a copy at http://www.irs.gov/pub/irs-pdf/f4868.pdf.
   
   Remember to make sure you have the form for the proper year. , You will need to know your name, address, social security number, and your spouse's social security number in order to fill out IRS Form
   4868. , Even if you file for an extension, you will still be asked to estimate the amount you would owe if you filed on time.
   
   The starting point for this estimate will be your yearly income.
   
   While the estimate will be useful for you, it's more for the IRS' purposes than your own.
   
   The estimate is not legally binding, so if you under or overestimate your liability or income, the IRS won't penalize you for the mistake.In order to estimate your income, it's best to use last year as a starting point.
   
   If you haven't changed jobs, gotten a significant raise at that job, or received a payment from investment income, your income is probably close to what it was the year before. , This includes any amount of tax that has already been withheld from your paycheck, and if you are eligible, the amount of any credits or deductions, including the Earned Income Credit.
   
   There are many types of deductions and credits that are available to taxpayers.
   
   One of the most common is the Earned Income Credit.
   
   To see if you are eligible for specific deductions or credits, consult a tax preparer or the instructional forms for taxes, which can be found at http://www.irs.gov/instructions/.
   
   There are instructions for many different forms, but most people use a 1040, 1040A, or 1040EZ to file taxes. , The amount of your tax liability will be the applicable tax on your gross income minus what you have already paid in taxes.
   
   There are many tax liability calculators/estimators available online, like the one at http://www.irs.ustreas.gov/pub/irs-pdf/f1040es.pdf.
   
   Just start with your gross income for the year (which will be your income before taxes), fill in all the information you have, and add it up.
   
   The result will be your estimate. , Since you are charged interest on your back taxes, you will want to minimize the amount of back tax you will owe.
   
   Therefore, pay whatever you can when you submit your form.
   
   This will offset any interest or penalties you will owe when you file.
   
   Make a payment here: http://www.irs.gov/Payments , Submit your form either electronically or via snail mail.
   
   The proper address can be found on Form
   4868.
   
   Unless you hear from the IRS, you can assume that your request for an extension has been granted.
   
   You will usually hear from the IRS within 60 days., If you file for an automatic extension, you will have until October 15 to file your taxes, assuming the original due date is April
   15.
2. 2

   Step 2: Gather your information.

3. 3

   Step 3: Estimate your income.

4. 4

   Step 4: Enter the amount of tax you have already paid.

5. 5

   Step 5: Estimate your tax liability.

6. 6

   Step 6: Pay any amount of your estimated tax that you can.

7. 7

   Step 7: Submit the form.

8. 8

   Step 8: Mark your calendar.

Detailed Guide

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