What Does It Take to File An Extension?
As you know Tax Day 2019 is April 15th but not everyone gets their taxes done by that time each year and in those cases, extensions need to be filed, but what does it take to do that? Our tax accountants in Mid-Missouri are here to tell you what it takes to file an extension for your taxes. For help with this important task, be sure to call our accountants in Central Missouri as soon as possible. Wilson Toellner CPA holds four accounting firms throughout Mid-Missouri and we are here for you. Just visit www.WTCPA.com and choose the firm nearest to you and give us a call.
There are several reasons people file extensions each year, they can include but are not limited to:
According to the IRS, you need different forms for different situations, whether you are an individual, business, etc. Keep reading to see what you need.
"Individuals
Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return
Special rules may apply if you are:
"Business and Corporations
Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns
Form 1138, Extension of Time for Payment of Taxes by a Corporation Expecting a Net Operating Loss Carryback"
"Other Forms
Form 2350, Application for Extension of Time to File U.S. Income Tax Return (For U.S. Citizens and Resident Aliens Abroad Who Expect To Qualify for Special Tax Treatment)
Form 4768, Application for Extension of Time to File a Return and/or Pay U.S. Estate (and Generation-Skipping Transfer) Taxes
Form 5558, Application for Extension of Time to File Certain Employee Plan Returns
Form 8809, Application for Extension of Time to File Information Returns
Form 8868, Application for Extension of Time To File an Exempt Organization Return.
Form 8892, Application for Automatic Extension of Time to File Form 709 and/or Payment of Gift/Generation-Skipping Transfer Tax"
You can also, e-file for an extension, here.
***Please note: This information was all found at:
https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free.
Seek all forms needed on the site listed above.
We help all sorts of people with filing their taxes, such as Individuals, Corporations, Partnerships, LLCs/LLPs, Not-for-profit organizations, etc. Filing your taxes by yourself can be challenging, which is why Wilson Toellner CPA is here to help! Check out our website at www.WTCPA.com to learn more about how we can help you.
What Does It Take to File An Extension?
Reasons Why People File Extensions
There are several reasons people file extensions each year, they can include but are not limited to:- Not having all the documents you need to file your taxes on time, such as the W-2 from your employer
- Something unexpected happens in your life, whether that be a new baby, a new job promotion, a new move - these sorts of things can distract from getting your taxes done on time, therefore an extension may be necessary
- Sometimes an IRA conversion can take time. For example, if you are deciding to convert your Roth IRA back to a Traditional IRA for tax reasons, the IRS requires you to do that before you file your tax return, therefore an extension may be needed.
What People Need to Do to File an Extension
According to the IRS, you need different forms for different situations, whether you are an individual, business, etc. Keep reading to see what you need.
"Individuals
Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return
Special rules may apply if you are:
- Serving in a combat zone or a qualified hazardous duty area
- Living outside the United States
- You can also get an extension by paying all or part of your estimated income tax due and indicate that the payment is for an extension using Direct Pay, the Electronic Federal Tax Payment System (EFTPS), or a credit or debit card. This way you won’t have to file a separate extension form and you will receive a confirmation number for your records."
"Business and Corporations
Form 7004, Application for Automatic Extension of Time To File Certain Business Income Tax, Information, and Other Returns
Form 1138, Extension of Time for Payment of Taxes by a Corporation Expecting a Net Operating Loss Carryback"
"Other Forms
Form 2350, Application for Extension of Time to File U.S. Income Tax Return (For U.S. Citizens and Resident Aliens Abroad Who Expect To Qualify for Special Tax Treatment)
Form 4768, Application for Extension of Time to File a Return and/or Pay U.S. Estate (and Generation-Skipping Transfer) Taxes
Form 5558, Application for Extension of Time to File Certain Employee Plan Returns
Form 8809, Application for Extension of Time to File Information Returns
Form 8868, Application for Extension of Time To File an Exempt Organization Return.
Form 8892, Application for Automatic Extension of Time to File Form 709 and/or Payment of Gift/Generation-Skipping Transfer Tax"
You can also, e-file for an extension, here.
***Please note: This information was all found at:
https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free.
Seek all forms needed on the site listed above.
Need Assistance With Your Taxes?
We help all sorts of people with filing their taxes, such as Individuals, Corporations, Partnerships, LLCs/LLPs, Not-for-profit organizations, etc. Filing your taxes by yourself can be challenging, which is why Wilson Toellner CPA is here to help! Check out our website at www.WTCPA.com to learn more about how we can help you.
Our Success Stems From Your Success
For tax preparation services you can count on, call:
Sedalia -- (660) 827-4990
Marshall -- (660) 886-6815
Camdenton -- (573) 346-6822
Lake Ozark -- (573) 964-5739
Check out our website: www.WTCPA.com
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