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).   California provides a “paperless” six month automatic extension.

 

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.).