You can learn how to file a tax extension quickly and efficiently. Even home based businesses are required to file tax forms. If you are not ready, you can easily file for an extension.
Pay Your Taxes
Even if you are late on filing your taxes, you must still pay those taxes. If you normally make quarterly payments to the government, you should not miss any payments if possible. Late payments result in extra fees and late charges which increases the total amount owed. If you are not able to make the payment, be sure to contact the IRS and let them know when you will be making the payment. The IRS can take action to get their money, such as collections and even garnishing wages in some instances.
Filing for an Extension
Filing for an extension on your small business taxes is as simple as filling out a form. Form 4868 must be filled out and sent back to the IRS. The form is simple and only requires a few lines of information including the estimated taxes you owe. The form has to be filed before April 18th in order to avoid a penalty. Once you fill out the form, you will be granted a six month extension to file your taxes. This usually ends on October 17th of the same year. There are exceptions to the rule. Those who are out of the country, such as those serving in the military, have a two month extension ending around June 15th.