preview

Tax Extension Research Paper

Satisfactory Essays

How to file for tax extension
It often happens that we get so caught up with everyday life and forget some of the most important tasks such as filing your taxes on time. If you've been procrastinating or forget to plan your taxes, you might need to consider filing an extension. If you need more time to file your tax return here's all you need to know about filing an extension.
What is tax extension?
An extension to file taxes is a legitimate way to request additional time from the IRS to file your tax return during that financial year. Please note that anyone can request an extension, and you don't have to explain why you are asking for more time.
How does the process to file for tax extension works? If all the requirements are satisfied, …show more content…

If the tax is paid post the due date, penalties and interest get accrued on the tax due amount. If someone fails to satisfy any of the requirements, the extension request to file the taxes will be denied.
Federal Tax Extension

If you apply for an extension of time to file your federal tax return, New Jersey will grant you an automatic extension if the following conditions are met:
You commit to filing your New Jersey return by the extended due date along with any balance of tax due.

Complete documentation including the copy of the federal application or approved tax extension is enclosed with the New Jersey return

A minimum of 80% of your actual New Jersey tax liability as mentioned on your tax return file including the below forms has been paid
Form NJ-1040, Line 4 Form NJ-1040NR, Line 40
Form NJ-1041, Line 28
Need to File an Extension? If you feel that you need more time to prepare your federal tax return, then reaching out to a qualified accountant such as Alba might be the best decision. Don’t hesitate to reach out to us if you have any questions about an extension of time to file your tax return in the coming

Get Access