That time of the year where every one of us has a tax deadline to complete reporting the tax returns. No matter if it is a Personal Tax reporting or Business Tax reporting April 15 is the deadline. Filing an extension will allow you to push your deadline back six months from April 15 to October 15, 2019. It’s important to keep in mind an extension only pushes back the due date for the filing of your tax documents. It does not give you extra time to pay on any taxes you may owe.
Every business that report tax on calendar year has their deadline to report 2018 taxes with the IRS by March 15 or April 15 based on the business type. The automatic extension period for time to file is generally 6 months. Exceptions apply for certain filers of Form 1041 and for C corporations with tax years ending June 30. An estate (other than a bankruptcy estate) and a trust filing Form 1041 are eligible for an automatic 5½-month extension of time to file. C corporations with tax years ending June 30 are eligible for an automatic 7-month extension of time to file (6-month extension if filing Form 1120-POL). See the instructions for Part II, lines 2 and 4, for exceptions for foreign corporations, certain domestic corporations, and certain partnerships with books and records outside of the United States and Puerto Rico.
As the April filing deadline approaches, IRS reminds taxpayers that Form 1040 has been redesigned for tax year 2018. The revised form consolidates Forms 1040, 1040-A and 1040-EZ into one form that all individual taxpayers will use to file their 2018 federal income tax return.
Forms 1040-A and 1040-EZ are no longer available to file 2018 taxes. Taxpayers who used one of these forms in the past will now file Form 1040. If you still in a mind set of seeking additional time, file IRS Extension Tax Form 4868 with the IRS and push your deadline beyond April 15. Electronic filing is now available to claim additional time to report your tax returns, at ExtensionTax.com, at an affordable rate $14.99 onwards.
