Many tax payers don't realize that they can get tax extension. Getting a tax extension is simple, all a payers have to do is file tax extension forms.
How to get tax extensions?
In order to get tax extensions, a tax payer simply has to complete and file tax extension form or the IRS tax Form 1127. The IRS tax form 1127 is the Application for Extension of Time for Payment of Tax and is the tax extension form the tax payer seeking tax extension needs to file.
How long can a tax payer get tax extension for?
The IRS tax filing extension is usually limited to six additional months, and it does not stop the interest from accruing on the unpaid tax deficiency. To properly use this IRS tax extension form, a tax payer must file tax extension form with the IRS before the tax return is due (usually before April1S).
What to do if I have no money to pay taxes?
People who have no money to pay taxes owed to the IRS (federal income taxes, state taxes, or local taxes) sometimes withhold filing their tax returns to the IRS. These tax payers would not file their taxes to the IRS even if their tax returns have already been prepared in fear that they have no money to pay taxes to the IRS. What these people should do is file tax extension before the tax return is due and submit a statement with the tax extension form (IRS tax form 1127) that explains how paying taxes will create an undue financial hardship for you.
Click here to read if the IRS will approve a tax payer 's tax extension filing.