What is an extension?
If you are not able to file your federal individual income tax return by the due date, you should get an automatic 6-month extension of time to file. Matthew, Ryan, and Stacie will file the Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return, for you. This form must be filed by the due date for filing your return, usually April 15.
Most states also allow for filing an extension, as well. Some do not require you to do anything if you file a federal extension; others require you to file a separate form.
Because Matthew, Ryan, and Stacie are Enrolled Agents, an extension can be filed on behalf of a client without needing the client to sign any forms.
What if I owe?
It is important to note that an extension of time to file does not give you more time to pay if you owe money. This is why we want to review a client’s file prior to preparing an extension. If we believe you might owe, we will send you instructions and vouchers to make a payment with your extension(s).
Are Extensions a Red Flag?
Filing an extension is a very common event. In recent years, over 10 million taxpayers per year file an extension. Filing an extension is not a red flag, and you can still electronically file as long as your return is finished before the six months run out, usually October 15th.
