How to File a Tax Extension: Step-by-Step Guide

:pencil:Filing an extension can help reduce the chances of getting audited and provide more time for last-minute tax strategies.

:moneybag:Filing an extension is free and recommended by the IRS to avoid errors and penalties.

:man-office-worker:Extensions can benefit your relationship with your tax professional and give you more time to find one if you don't have one yet.

:calendar:Filing an extension can be a strategic move, especially when it comes to lending and debt-to-income ratios.

:mailbox:Filing an extension by mail requires completing Form 4868 and sending it to the appropriate IRS address.

Why should I file a tax extension?

—Filing an extension provides benefits like reducing the chances of an audit and giving you more time for last-minute tax strategies.

Does filing an extension cost money?

—No, filing an extension is free and recommended by the IRS to avoid errors and penalties.

Can filing an extension benefit my relationship with my tax professional?

—Yes, filing an extension shows your tax professional that you are organized and planning ahead. It can also give you more time to find a tax professional if you don't have one yet.

How can filing an extension be strategic for lending?

—Filing an extension can be a strategy when applying for a loan. By using your previous higher income years, you can qualify for better terms, especially if your current year's income is lower.

How do I file a tax extension by mail?

—To file a tax extension by mail, you need to complete Form 4868 and send it to the appropriate IRS address.

00:00Learn how to file a tax extension for your individual tax return through mail or electronically.

02:13Filing an extension can reduce the chances of an audit and provide more time for last-minute tax strategies.

06:06Filing an extension is a free and recommended option to avoid errors and penalties.

09:54Filing an extension can benefit your relationship with your tax professional and give you more time to find one.

11:55Filing an extension can be a strategic move, especially when it comes to lending and debt-to-income ratios.

12:06To file an extension by mail, you need to complete Form 4868 and send it to the appropriate IRS address.