chicago cpa
Tax Extension

If you life in Hoffman Estates and if you want to find out some simple ways to get a tax extension then you should read the following lines.

Hoffman Estates is not different from any other cities when it comes to tax extensions. If you cannot find the money in order to pay your taxes in time then you can always ask for a tax extension. This can help you obtain up to 6 months until your next deadline and sometimes this can be more than enough in order to get the money that you need.

Let’s say for example that you have to pay your taxes until April 15. If you need more time then you can request it and you can file a tax extension in order to obtain 6 more months until you have to file your full return.

This way, with the extension included you have time until October 15 to file your tax return. This does not mean that you cannot file it before the extended deadline. Sometimes people choose to file an extension just to be sure that they won’t have any problems and that the madness of tax season won’t make them forget about the deadline.

How to request a personal tax extension?

If you want to request a personal tax extension then you have to use IRS Form 4868. You have to fill this form with the IRS of your original deadline of your tax return (in this case April 15).

It is extremely easy to file the form. You have to give them your personal information such as name, address (in this case Hoffman Estates) and then you have to provide an estimate of your tax due. You must pay attention when providing it because it must be calculated according to your tax liability and by subtracting any tax payments that you have already made.
You do not have to sign the form and you do not need a reason for your request, as long as you manage to properly file the form and to submit it on time then it is going to be approved. The form can be filed online or by mail and you are going to be notified by receiving an email or a letter (just in case your extension is denied).

Which are the advantages of a tax extension?

There are a lot of advantages that can motivate you to apply for a tax extension and here you have some of the most important ones:
1. You will get extra time to pay your taxes and this way you are going to reduce stress
2. You can avoid getting penalties
3. The risks for an Audit and considerably minimized
4. It is easy and automatic and everybody can apply for a tax extension

There are three main rules that must be taken into consideration when getting a tax extension with Form 4868:

1. You should do your best to properly estimate your tax liability by using the information available to you at the moment
2. Provide your total tax liability on Form 4868 (this can be one of the most important things when obtaining a tax extension)
3. Do not forget to file the form before April 15 otherwise you are going to have to pay penalties.

The only exceptions are people that are affected by natural disasters, those who serve in the U.S. military and work in another country and also civilians that are out of the country at that date. After obtaining the tax extension you will have 6 months to pay your taxes. Try to make sure that you are able to file by mid October in order not to have any legal problems and not to pay any penalties.

If you are from Hoffman Estates you have to respect the same rules as everybody in America. It is important to pay your taxes before April 15 or at least to file a tax extension form in order to get more time.


Post Comment

Your email address will not be published. Required fields are marked *