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Posted on Jul 6, 2020

Borshoff Consulting, LLC

Top 5 Questions About 2020 Tax Extensions

Are you going to miss the July 15 deadline? Use IRS Form 4868 to apply for a six-month extension to file IRS Form 1040. This will give you an extension for filing your taxes only; it does not give you an extension on the payment you owe. You will need to file the extension by July 15, 2020, and it will give you until October 15 to file your individual tax return.

There are three ways to request an extension of time to file a U.S. individual income tax return. You can make a payment electronically and use the confirmation number as your proof of an extension, you can file electronically online or through the assistance of a tax professional, or you can file a paper IRS Form 4868 with a payment of the estimated tax amount due.

Although getting an extension only allows you to file six months later not pay later, there are advantages to filing a tax extension. For one thing, you will have additional time to prepare your tax return if you are still waiting for tax documentation to arrive in the mail or if you still need time to organize your paperwork so you can file your 1040 individual tax return.
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