IRS has recently announced their details for How to Get Tax Extension 2022, and this article has covered it all for you. Scroll down to know more.
Have you filed your 2021 taxes? Are you still struggling with the formalities? Are you looking out for ways to extend your Monday deadline? If yes, then this article will help you with the essentials. This blog will introduce you to the ways for tax extensions, introducing the process to do the same. Monday was the last date to file tax in the United States.
How to Get Tax Extension 2022 is a recent hype over the internet, and we’ve got all the related pointers covered for you. Scroll down to know more!
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Ways to Get Tax Extension:
Monday was the last day for the residents to file their tax extensions. But to, all the people who cannot file the same to date have an option to file their extensions. This can be requested till 18th April to prevent the failure to file a penalty.
The extension process is mostly automatic, and users only need to complete a few steps to process the same. The first step is to complete the IRS paperwork, filling out Form 4868.
How to File Tax Extension: Form Details!
To request the extension, you need to fill out some forms for the same. Form 4868 needs to be completed first to ask for the resident’s basic information regarding their names, social security numbers, and addresses. This will also ask for the details of the estimated amount.
This form is also accessible through IRS Free File Service, and residents can use the same without any reference to their incomes. The typical tax-paying deadline usually used to be 15th April, but residents have an option to file the same till 18th April.
How to Get Tax Extension 2022: Deadlines and Other Details:
Taxpayers who have filed their extension will have until the 17th of October to file the same. Usually, people used to get the extended date till 15th October, but they have two more days to fill the same due to Saturday.
Penalties in Failure to File:
After finding all the facts about the tax extension details and the form facts, let’s now move on to the details of the penalties that residents need to pay if they fail to file the same. The penalty rate for the same is around 5% for each unpaid month, capped at 25%.
In addition to How to File Tax Extension details, taxpayers who owe around $10,000 and still haven’t filed their extension need to pay $500 per month.
Who all are eligible to file the Extensions?
All the individuals and residents who need to file their taxes, regardless of their incomes and other details, are eligible to file their tax extensions.
Final Verdict:
All the residents who cannot file their taxes and want an extension can file the same with Form 4868 before 19th April, which will help them with the extended date till 19th October. Check out the Details from IRS Website to know more. Is How to Get Tax Extension 2022 clear to you? Please share your views on the same in the comments below.
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