The Truth about Filing a Tax Extension

Taxes are inevitable, and they must be paid. However, you can delay when you actually file them with an IRS Tax Extension. The IRS estimates that over 10 million individuals and businesses will file for a Tax Extension this year by filing IRS Form 4868 or 7004.

There are several popular myths about filing a tax extension that need to be addressed:

Myth: A Tax Extension will delay the time you have to pay taxes. Fact: Taxes Must Be Paid on Time! A Tax Extension extends the amount of time to file a tax return. This means that you have more time to prepare all of your tax-related documents and get the most out of your credits and refunds.

Myth: The IRS will impose penalties for filing a tax extension. Fact: The IRS will not penalize you as long as your application for extension is not late and your taxes are paid on time.

Myth: The IRS requires a reason to file a tax extension. Fact: Form 4868 and 7004 contains no questions inquiring why a tax extension is necessary. The form is very straightforward and easy to figure out.

Filing an extension with Form 4868 or Form 7004 has become much easier and quicker. This is because the option to E-File has become more and more popular as compared to traditional paper filing.

There are several online options for filing a Form 4868 with the IRS. One of the easiest and cheapest is www.ExpressExtension.com . This allows you to E-File Form 4868 and 7004 from your home or office. There is no need to go anywhere, mail anything, or worry about whether it gets there on time.