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Tips for First Time Extension Filers in 2022

The federal income tax filing deadline this year is 18 April. You only have a couple of days before the deadline expires. 

So, either you have already filed your income tax return this year or you are still lagging behind. After the 18 April, 2022 deadline has passed, you will need to request the IRS for a six month’s tax file extension. The procedure for filing an extension is to file IRS Form 4868. In this way, you will be able to push the tax filing deadline to October 17, 2022. Not filing a tax extension will result in the imposition of late payment penalties. If you are a first time extension filer, you should be aware of the tax extension filing procedure so that you can file your income tax return in an error-free and hassle-free manner. It is to be kept in mind that filing for extension will not get you extra time to pay on any taxes you owe to the IRS.

a couple requesting for tax extension in & near Bronx, NY

Here are some tips to help you file a tax extension in a proper manner, particularly if you are a first-time tax extension filer. 

File Extension via Email or Electronically

You need to file a tax extension before the due date this year. This means you should have it done on or before April 18. Not abiding by this rule means the IRS can impose on you a late-filing penalty.

There are two ways to file a tax extension: either mail the IRS Form 4868 or submit the form electronically. If you want to mail the form, you will need to take a print out of the form, complete the form and then have it delivered to a P.O. Box using the U.S. Postal Service. Or else, you can seek the help of a tax professional and e-file the form to the IRS to get a tax filing extension. You can also use a private delivery service to mail the IRS Form 4868. But this applies only if you are not making a payment. So, you can use one of the multiple ways as per need.

At the SCL Tax Services, we provide tax extension filing services to help clients get it done without any kind of hassle. 


Know the State Tax Extension Guidelines

The guidelines for filing federal and state tax extension vary. If you want to file a state tax extension, you will need to stay on top of all the guidelines that apply in this case. To get detailed information on these guidelines as well as the state extension filing deadlines, you should visit the official website of your state’s tax authority. You will find the mailing address there as well.

For any kind of advice in this regard, feel free to reach out to one of our tax experts in Bronx Tax Services.


Use a Copy of the 2020 Tax Return at Hand

Whether you file the tax extension all by yourself using a software program or with the help of an expert tax professional, don’t forget to have a copy of your 2020 tax return. The process of tax filing extension involves verifying your identity to the IRS. Having a copy of your previous tax return will make it easy to provide all the essential details that submitting the Form will require.


Include Your Estimated Payment with Form 4868

For taxpayers who owe federal taxes, it is crucial to include the estimated payment along with IRS Form 4868. 

Don’t make the mistake of not including your estimated payment. Before you mail or submit the Form, make sure these details have been attached. Also, don’t forget to postmark the document April 18, 2022. Missing out on this will lead to payment of IRS penalties and interests.


Use a Suitable Mode of Payment

Whether you want to pay your estimated income tax due in full or part, you can use any of several means made available by the IRS. If you want to pay directly through your bank account, use the IRS Direct Pay. Or, you can also pay via a credit or debit card or through a digital wallet such as PayPal. No matter which mode you use, you should not forget to mention that the payment is for tax filing extension. Also, you should keep the confirmation number of this payment. 


If You Live Outside the U.S., You Can Use IRS Form 2350

If you are a U.S. citizen but are outside of the country, you should file Form 2350 to get a tax extension. This is a specific application process which applies to only US citizens living outside the United States. In this case, U.S. citizens will be able to get an extra two months as extension, automatically.

Check out  the IRS Publication 54: Tax Guide for U.S. Citizens and Resident Aliens Abroad to get more details on this.


Remember to File by the October Deadline

The purpose of filing a tax extension is to get some more time in hand so that you can file your income tax return. 

Don’t think of a tax extension as extra time to pay. You are given more time to file your income tax return, which you must. So, even if you fail to file your tax return by April 18, 2022, you should still estimate your taxes and try to pay as much as you possibly can by that date. Filing a tax extension and making an estimated payment is only half of what actually needs to be done. So, make sure you file your final income tax return by the extended deadline. If you miss the October 17 tax extension deadline, you should be ready to pay more severe tax penalties.


Seek the Help of a Tax Professional

If you plan to file error-free income tax returns and have peace of mind, you should avoid doing taxes on your own. Whether you are an individual, contractor or a small or midsize business, it is always best to have a tax expert by your side for tax planning, tax preparation and filing returns. At the SCL Tax Services, we provide a wide range of tax help services such as tax preparation, tax debt, tax resolution, individual taxes, business taxes, accounting, bookkeeping etc.

For expert advice on tax extension filing or income tax return filing, consult with one of our tax professionals. You can reach our office in the Bronx, NY, via a phone call at +1-347-305-4348 or write us an email using the contact form below.

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