Tax season comes every April. This means that you will soon have to consider filing your income tax return. Sometimes there are circumstances in which you are not able to file your tax return by the April 15 deadline. Well, don’t stress about your tax return if you feel you won’t be able to meet the deadline. The IRS offers an income tax extension for those that need it. Here are the top six reasons for filing an extension on federal taxes.
You get a generous grace period
If you have been approved for an income tax return extension, you get an additional six months to file your income tax with the IRS. This means that you have until October 15 to file your income tax return. Use this time wisely and make sure you get your return in as quickly as you can.
You avoid any late penalty
When you apply for the extension using Form 4868 this also means that you will avoid any late penalty fee, which you may have accrued by not doing so.
You can make sure your taxes are accurate
If you are facing a situation in which you are under pressure to file your tax return, but your books are inaccurate, or if you do not have the proper documentation in case of an audit, by filing a tax extension, you will get more time to ensure that your taxes are done properly and are completed accurately.
You are living outside of the United States
If you were living in another country for a significant period, then it might be in your best interest to file tax extension online. Your taxes may be more complicated than they are for those who have lived and worked in the United States for the entire year, and it may take you more time to figure out your tax return—especially if you were working and earning money in a foreign country.
You are serving overseas in the military
If you are a member of the armed forces and were serving in an official combat zone, you are entitled to an extension, and it will be easy for you to obtain. If you were serving overseas with the military, expecting you to file by April 15 may place an undue burden on you. Take advantage of the extension.
You were seriously ill or injured
If you are experiencing a severe illness, or if you are injured, you can apply for the tax return extension. Talk to the IRS and file an extension form if your medical state will prevent you from filing your return on time.
There are many reasons that the IRS will grant you an extension on your tax return. If you feel that your circumstances could use an extension in filing your tax return, fill out the form online or mail it in to the IRS and take that worry about your taxes off of your mind.
Our tax extension experts are here to help and make your lives easier. If you have any questions, please feel free to contact us by email, phone, or even chat live with TaxExtension support team.