Extensions
of Time
to File Individual Tax
Returns
If needed,
and on your request, Hillcrest Tax Service will file extensions at no
additional charge. For regular clients
who regularly file late, we may automatically file the extensions for you in
advance of your request.
An automatic six month extension of time to file the an individual Federal tax return is available on Form 4868 (Application for
Automatic Extension of Time to File U.S. Individual Income Tax Return).
Extensions only extend the time for filing the tax
return. They DO NOT extend the time for paying
the tax. You are supposed to estimate
the amount of taxes you owe and already have paid the estimated amount via
withholding &/or quarterly estimated tax payments. If your tax payments are still short of the
estimated amount of tax you owe, you are supposed to send in additional money
with the extension form. There are
separate penalties for (1) filing late, and (2) paying late. So, the extension form merely eliminates the
penalty for late filing, but DOES NOT eliminate the
penalty and interest for paying late.
There are different forms for extending the time for filing
business returns (corporations, partnerships, LLC’s, trusts, etc.).