Positive and Negative Aspects of Filing a Tax Extension

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Filling out all your tax forms can be a time-consuming task. If you are short on time, you have the option of filing a tax extension. Once you do, it will give you another six months (until October 16) to get accurate paperwork to the Internal Revenue Service (IRS).

Asking for a tax return extension is easy. All you need to do is to send Form 4868 to the IRS with your tax paperwork. An excuse is unnecessary, enabling you to file for an extension for any reason. The forms are usually approved by the IRS automatically—unless the data, such as your Social Security number, is incorrect.

You May Not Need to File an Extension

Some groups of people are automatically granted an extension, according to TheBalanceMoney, and do not need to file Form 4868 to get it. Military personnel serving out of the United States and citizens not living in the United States or Puerto Rico who conduct most of their business outside those areas are also automatically given an extension.