How to File an Extension for Income Taxes

Video Transcript

"Today we are here to talk about filing an extension on your taxes. The form 4868 is used to request an extension on your taxes. It has to be filed by the due date which is typically April 15th for most people and you have to meet a few minor requirements in order for it to be approved but not typically very difficult to meet the requirements, it is more a matter of you need to be aware that if you file for an extension you may still be liable for interest and penalties if you are going to owe taxes so that is a major part of the equation that you need to factor in. Form 4868 is a very simple form you just need to fill in your personal information, name, date, or name, address that sort of thing, social security number and then there is a place for estimated taxes due and a line for taxes that you have paid with a bottom line of the remaining taxes that you are estimated that you are going to owe. Now again if you are going to owe a sizable amount of taxes you probably will want to make arrangements to see if they can be paid in some fashion even when you request your extension if you can pay as much of it as possible you'll eliminate interest and penalties on that portion of the debt. But once you submit it you typically will get about a six month extension, normally it is until October 15th so depending on your circumstances, there are a few other categories that may be a two months extension if you are out of the country or whatever but for most people the extension is six months."