Green Extension Tax – e-file IRS extension form 7004 and 4868

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Every year millions of people opt to file for tax extension. However, there are certain misunderstandings or myths which are to be cleared:

Myth: Many people believe that filing for tax extension return, allows more time to pay for the taxes due to IRS.

Fact: This is NOT true. IRS allows you to file for tax extension so that you can have more time to prepare for your tax returns. However, this does not mean that if you owe taxes to the IRS you can pay later. In other words, you can file for tax extension but if you owe any taxes to the IRS make sure you pay them along with the tax extension form.

Myth: Many people believe that if they file for tax extension, IRS would want to know the reason

Fact: Not true. You can file for tax extension anytime you want. Believe me, IRS will not ask for any reason.

Fact: Actually not. Filing for tax extension in fact provides you with better opportunity to prepare your tax returns accurately and without having to file for amended tax return. For example: if you have already filed your tax return, and on a later date you receive amended information of your taxes, in return you will again have to file an amended tax return, thus incurring more tax liability and extra costs. Often there are times when there is a delay in receiving your tax information such as 1099 forms or form W2. Hence if you file for tax extension, it gives you more time to gather your tax information, prepare your tax information accurately and file it with the IRS without any corrections or amendments.

Fact: Not true. In fact filing for tax extension will save you from incurring penalties which you would have if you had filed your taxes after the due date. Tax extension gives you more time to prepare for your tax returns. However, always make sure that you file for tax extension by the due date or then you would definitely have to face penalties.