Three-part question: 1) First time filing an extension for an (retired) elderly parent myself. Think i can locate the amount of last year's tax liability (from last year's tax documents) but wondering if there is a penalty for underestimating. 2) In the case that this elderly parent is actually due a refund but just wants extra time to gather documents to submit their taxes would this form apply & they just direct pay (thru the irs.gov site) the $3 or whatever to "buy" the extra time to file? *We do plan to locate a licensed tax preparer eventually so would obviously share info/proof that an extension was filed, correct? 3) Lastly, would I (if still actively working) qualify for an automatic extension if am due a refund & follow the nominal fee payment (& bypass filling in any "estimated tax due" figure)? Can you tell I'm extremely clueless? Thank you in advance for any advice😊
1. in most cases, everyone is only paying an estimated amount. As long as a full amount is eventually paid, I don’t think this is a big deal unless you are completely way under the tax liability. Any taxes that go unpaid are subject to a penalty fee per month that it goes unpaid. If the end goal is to pay the full amount in a timely manner, I wouldn’t worry about underestimating. 2. If that person is odor refund, then I think that the “buying” option is a good one. Cost-effective and quick and easy. 3. Even if you are do a refund, you can file for an extension through the same way-“buying” it online. For estimated taxes, I would just put down zero, as you are not expecting to owe anything, and rather, you will be getting a refund
For an extension until June 15, you’ll need only form 4868. More info here: www.greenbacktaxservices.com/knowledge-center/expats-overseas-tax-return-extensions/
Hello! Thank you for the info! If according to the turbotax calculator I should be receiving a refund, does that mean my tax liability would be 0? Thanks again for the help!
@@everydaywithbecca 1st year of work.. with the calculator I did some calculation it seems like the IRS owes me something like 1200 but I added 700 to liabilities I Fd Up I guess :(
@@Fiberleo if you have proof of all of that, then it’s not a mistake. As long as you’re note making figures up, then you’re fine. Do a real try estimate and you should be fine.
I did the Direct Pay option (with bank account). It doesn't ask for an estimate of tax owed though. Is that weird? Why would for example filing Form 4868, paying with credit card via paydirect, etc. require estimation of this amount but if you use Direct Pay you get out of it? Is this what's known as a "loophole"? 😎
I’ve been hearing of this issue quite. b it this year. My best suggestion-pay your estimated taxes anyways and make sure that when you’re doing the direct pay option, you’re paying towards your taxes and filing an extension-not just making a regular payment. We love them loopholes, eh? Ha! I wish I could say it’s a loophole, but something tells me it’s more of an IRS website error that would come back to bite us in the butt if we pretended it was a loophole.
@@everydaywithbecca Thank you. It didn't seem right to me, so I went back and did the credit card option through PayUSA (or whomever): -It gave me the disclaimer you mentioned regarding the automatic extension -It had me estimate the amount of tax owed as you described Those were the two things I needed to see to _not_ wake up tonight in a cold sweat. Thank you again for the video and for taking the time to reply on Tax Day.
H&R Block states that for single-member LLCs, you should use form 4868. More info here: www.blockadvisors.com/resource-center/small-business-tax-prep/tax-extension/ It says there: "The following pass-through business structures should file Form 4868: Sole proprietorships Single-member LLCs filing as a sole proprietorship"
@@marcosmcm86 my apologies; I was reading too fast and forgot to address that. 7004 would apply to your situation. “In an effort to play nice with other governments (and to get them to comply with FATCA), the IRS requires US LLCs with a single non-US owner to submit IRS Form 5472 each year. The tax year for US tax purposes is the calendar year, and the 5472 is generally due before April 15th of the following year. An LLC can file an extension using IRS Form 7004”, from this website addresses your situation: ustax.bz/irsform5472/
Thank you for the video! If I make a payment the way you did to automatically extend 6 months. Does that cover state and federal or do I still need to handle the state extension? (Cali)
That only covers federal. You’ll need to do a separate one for Cali. Looks like they have a similar system: www.ftb.ca.gov/file/when-to-file/extension-to-file.html
Great video. could you please help me out. I notice that if I try to pay dierct pay option, where it says. Tax Year for Verification * it only gives me the option for the year 2022 and not 2023, but if I go under my account / make a payment /bank account, I don't need to fill out any forms with my personal information. could you please tell me why? I'm trying to do this myself for the first time. i don't want to mess it up!
Confirming-you have an IRS account? If you’re in your account and exploring this option, does it let you make a payment for an extension? Or just a regular payment?
@@everydaywithbecca yes, I am able to make a payment. The only thing that I am concerned about is that I don't have any options to fill out any forms with my personal information. Let's say name, ss etc. Do you think it's because they already have all my information on file?
@@33elmore if you’re logged into your account, your info is on file. Just make sure that you’re logged into your account and print or save a copy of your confirmation for yourself.
You are expected to pay your estimated taxes. I would use TurboTax tax estimator to see how much you potentially owe and pay that amount towards your extension. In terms of fees, you may be subject to pay penalty fees on the amount of taxes you owe. This is a percentage of your total taxes owed for every month that it goes unpaid. It’s the best move to pay estimated taxes for your extension, if you plan to file your taxes within this next month after filing your extension, then you may be OK. the other option is to pay at one dollar, and then file your taxes, and then apply for a payment plan through the IRS.
You would use the same methods. If you choose to do the online payment option, You would only pay your estimated taxes. If you are not estimated to owe any taxes, then just pay a dollar plus the online payment fee. Asked for your estimated tax liability, put down zero.
You will not be charged late fees or penalties as long as you pay your estimated taxes due. Use the TurboTax tax calculator to estimate your taxes due for the 2023 season, and pay this amount online by end of day today. If you use the online file extension and payment method, then you can not only file your extension, but pay your estimated taxes due. This will cover you, and allow you until October to file the paperwork.
I haven't heard anything about expiring stimulus checks. Are you talking about state or federal checks? Different states issued different checks. As for the IRS, they issued payments back in 2020 and 2021. More info here: www.pandemicoversight.gov/data-interactive-tools/data-stories/update-three-rounds-stimulus-checks-see-how-many-went-out-and
@@everydaywithbecca First of all, thank you for replying. I have 2 children that I never filed for the Child Tax Credit's for just to clarify and I wanted to file an extension for those years. Wondering if this is possible "How to claim missing stimulus checks The deadline to file a return and claim the 2020 and 2021 credits is May 17, 2024, and April 15, 2025, respectively. This is because you typically have three years from the due date to claim a refund. Individuals can file returns electronically and receive their refund via direct deposit. There is no penalty for a refund on a tax return filed past the due date."
@@jermaineinoue4919 I’m not sure if, even if you filed an amendment to previous years’ returns, if the IRS would send a stimulus check. Have you called and asked them about this? It would benefit you to include your children on your return, and you might get money back for that… but I’m not sure those amendments would trigger stimulus payments.
@@paul_b011 if you already filed an extension through TurboTax and are just using the irs site to pay any other taxes due, then just select “tax return”. You don’t need to ask/file for another extension.
Thanks! Great video.. quick question. So making a payment towards your taxes 2024 is filing an extension? If going through Irs direct pay. Is there no other form to fill out? thanks
You can formally fill out the form and mail it in if you want. It’s actually easier just making a payment as your extension- but that might not be everyone’s first choice. Keep in mind that you have to make sure you estimate your taxes owed (if any), and pay that by the deadline. The extension is only for the paperwork, not for the payment of taxes owed.
Hello! Thank you for this info. If I file an extension using say TaxAct software am i obligated to use the same software to file my tax return? Or am I able to use a different type ?
You’re able to use a different software. You’ll just have to create an account on each of those sites; as long as you don’t mind, you can do what you prefer. For ease-sake, I’d use the same one, but it’s not a requirement.
Did your screen look like mine? Also, in order to start an extension, you have to start your filing. Even if it’s just your name and information, and nothing else, you have to put something in before you start an extension.
You have to make an estimated payment. TurboTax has a good calculator that you can use: turbotax.intuit.com/tax-tools/calculators/taxcaster/ It’s basically a short version of doing your taxes that helps you figure out how much you’ll get back or how much you will owe
@@troya3094 that makes more sense. 🤣 I don’t know much about it myself, but found this: www.getcanopy.com/blog/get-an-extension-on-irs-1099-filing#:~:text=Automatic%20extension%20for%20Form%201099&text=An%20extension%20can%20be%20requested,filed%20electronically%20by%20March%2031. Looks like you can extend it online for with the form 8809. Here’s where you file it electronically: fire.irs.gov/ It does look like the due date was 3/31 though.
Go to settings, select playback speed, select the speed you would like the video to play. It's a great feature. Some people want a faster video, some want it slower.
I hope that you get one! If you don't get one, it may be because you aren't withholding enough during the year. You can change your withholding (form W4) that you file with your employer to allow more taxes to be taken during the year so that you owe less, or even get a refund. You can use the IRS' withholding calculator to see how you can adjust your W4 so that you do get a refund: www.irs.gov/individuals/employees/tax-withholding
Your video saved me. I had less than 1 hour to request. Since the program was having problems. Thanks
So glad to hear it! Good luck! Email me if you have more questions!
You don't have to worry about it "getting there on time", you only need to make sure it's postmarked by the last day.
Thanks for the clarification. Very true.
needed this, thanks
You’re welcome! Good luck this season! Email me with any questions!
Three-part question:
1) First time filing an extension for an (retired) elderly parent myself. Think i can locate the amount of last year's tax liability (from last year's tax documents) but wondering if there is a penalty for underestimating.
2) In the case that this elderly parent is actually due a refund but just wants extra time to gather documents to submit their taxes would this form apply & they just direct pay (thru the irs.gov site) the $3 or whatever to "buy" the extra time to file? *We do plan to locate a licensed tax preparer eventually so would obviously share info/proof that an extension was filed, correct?
3) Lastly, would I (if still actively working) qualify for an automatic extension if am due a refund & follow the nominal fee payment (& bypass filling in any "estimated tax due" figure)?
Can you tell I'm extremely clueless? Thank you in advance for any advice😊
1. in most cases, everyone is only paying an estimated amount. As long as a full amount is eventually paid, I don’t think this is a big deal unless you are completely way under the tax liability. Any taxes that go unpaid are subject to a penalty fee per month that it goes unpaid. If the end goal is to pay the full amount in a timely manner, I wouldn’t worry about underestimating.
2. If that person is odor refund, then I think that the “buying” option is a good one. Cost-effective and quick and easy.
3. Even if you are do a refund, you can file for an extension through the same way-“buying” it online. For estimated taxes, I would just put down zero, as you are not expecting to owe anything, and rather, you will be getting a refund
Good luck! I hope it all goes well. Reach out if you need more help!
Thank you!!!!
You’re welcome! Good luck this season! Email me if you need more help.
An american citizen living abroad...should I just fill in the File 4868 or is there anything else? Thank you
For an extension until June 15, you’ll need only form 4868.
More info here: www.greenbacktaxservices.com/knowledge-center/expats-overseas-tax-return-extensions/
Hello! Thank you for the info! If according to the turbotax calculator I should be receiving a refund, does that mean my tax liability would be 0? Thanks again for the help!
Yes. I’d put down “0” as your tax liability since you’re expecting a refund.
Let’s say I added something like 1000$ in liabilities but it ends up being that the IRS owes me money sorry I’m new to this
Whatever you add, make sure that it’s true and you have proof of it. If the IRS owes you, then put $0 as the estimated tax liability.
@@everydaywithbecca 1st year of work.. with the calculator I did some calculation it seems like the IRS owes me something like 1200 but I added 700 to liabilities I Fd Up I guess :(
@@Fiberleo if you have proof of all of that, then it’s not a mistake. As long as you’re note making figures up, then you’re fine. Do a real try estimate and you should be fine.
I did the Direct Pay option (with bank account). It doesn't ask for an estimate of tax owed though. Is that weird? Why would for example filing Form 4868, paying with credit card via paydirect, etc. require estimation of this amount but if you use Direct Pay you get out of it?
Is this what's known as a "loophole"? 😎
I’ve been hearing of this issue quite. b it this year. My best suggestion-pay your estimated taxes anyways and make sure that when you’re doing the direct pay option, you’re paying towards your taxes and filing an extension-not just making a regular payment.
We love them loopholes, eh? Ha! I wish I could say it’s a loophole, but something tells me it’s more of an IRS website error that would come back to bite us in the butt if we pretended it was a loophole.
@@everydaywithbecca Thank you. It didn't seem right to me, so I went back and did the credit card option through PayUSA (or whomever):
-It gave me the disclaimer you mentioned regarding the automatic extension
-It had me estimate the amount of tax owed as you described
Those were the two things I needed to see to _not_ wake up tonight in a cold sweat.
Thank you again for the video and for taking the time to reply on Tax Day.
@@FierceRabbit11 you’re welcome! I feel ya about the cold sweat. Glad it worked out. Good luck this season! Here to help as able!
In case you are a non resident alien owner of a single member LLC (needs proforma 1120/5472) do you file an extention with form 7004 or 4868 or both?
H&R Block states that for single-member LLCs, you should use form 4868.
More info here: www.blockadvisors.com/resource-center/small-business-tax-prep/tax-extension/
It says there:
"The following pass-through business structures should file Form 4868:
Sole proprietorships
Single-member LLCs filing as a sole proprietorship"
@@everydaywithbecca even when they are owned by a foreign person and need to submit forms 1120/5472?
@@marcosmcm86 my apologies; I was reading too fast and forgot to address that.
7004 would apply to your situation.
“In an effort to play nice with other governments (and to get them to comply with FATCA), the IRS requires US LLCs with a single non-US owner to submit IRS Form 5472 each year. The tax year for US tax purposes is the calendar year, and the 5472 is generally due before April 15th of the following year. An LLC can file an extension using IRS Form 7004”, from this website addresses your situation: ustax.bz/irsform5472/
Thank you for the video!
If I make a payment the way you did to automatically extend 6 months. Does that cover state and federal or do I still need to handle the state extension? (Cali)
That only covers federal. You’ll need to do a separate one for Cali. Looks like they have a similar system:
www.ftb.ca.gov/file/when-to-file/extension-to-file.html
Great video. could you please help me out. I notice that if I try to pay dierct pay option, where it says. Tax Year for Verification * it only gives me the option for the year 2022 and not 2023, but if I go under my account / make a payment /bank account, I don't need to fill out any forms with my personal information. could you please tell me why? I'm trying to do this myself for the first time. i don't want to mess it up!
Confirming-you have an IRS account? If you’re in your account and exploring this option, does it let you make a payment for an extension? Or just a regular payment?
@@everydaywithbecca yes, I am able to make a payment. The only thing that I am concerned about is that I don't have any options to fill out any forms with my personal information. Let's say name, ss etc. Do you think it's because they already have all my information on file?
@@33elmore if you’re logged into your account, your info is on file. Just make sure that you’re logged into your account and print or save a copy of your confirmation for yourself.
@everydaywithbecca Thank you very much. It makes sense now.
@@33elmore good! Glad to be of help. Good luck this season! Email me with any other questions.
Great video!. Thanks!
Thanks for watching and for your support! Appreciate it!
You're AMAZING THANK YOU!!
Thank you! I appreciate your support! Have a great tax season. Reach out if you need help!
Last year we paid $1500. Not sure if it will be the same this year. What happens if we file an IRS extension and only pay $1.00 to do so?
You are expected to pay your estimated taxes. I would use TurboTax tax estimator to see how much you potentially owe and pay that amount towards your extension. In terms of fees, you may be subject to pay penalty fees on the amount of taxes you owe. This is a percentage of your total taxes owed for every month that it goes unpaid. It’s the best move to pay estimated taxes for your extension, if you plan to file your taxes within this next month after filing your extension, then you may be OK. the other option is to pay at one dollar, and then file your taxes, and then apply for a payment plan through the IRS.
how i file a extention because i am late not because i owe them money , just because i waited till the last minute to file my taxes
You would use the same methods. If you choose to do the online payment option, You would only pay your estimated taxes. If you are not estimated to owe any taxes, then just pay a dollar plus the online payment fee. Asked for your estimated tax liability, put down zero.
If we file extention using ctedit card bia irs.gov. .... does it cover both spouses if we are joint filers?
Yes. If you plan to file together, it will cover your joint return.
I tried but it didn’t let me get an extension. Can I get it now through IRS?
Where or what site didn’t let you? You should be able to use the irs payment site I mentioned to get one.
Will I be charged late fees for filing even though I did an extension ?
You will not be charged late fees or penalties as long as you pay your estimated taxes due. Use the TurboTax tax calculator to estimate your taxes due for the 2023 season, and pay this amount online by end of day today. If you use the online file extension and payment method, then you can not only file your extension, but pay your estimated taxes due. This will cover you, and allow you until October to file the paperwork.
Does filing an extension give you more time to get any stimulus money that is due to expire ?
I haven't heard anything about expiring stimulus checks. Are you talking about state or federal checks? Different states issued different checks. As for the IRS, they issued payments back in 2020 and 2021.
More info here: www.pandemicoversight.gov/data-interactive-tools/data-stories/update-three-rounds-stimulus-checks-see-how-many-went-out-and
@@everydaywithbecca
First of all, thank you for replying.
I have 2 children that I never filed for the Child Tax Credit's for just to clarify and I wanted to file an extension for those years.
Wondering if this is possible
"How to claim missing stimulus checks
The deadline to file a return and claim the 2020 and 2021 credits is May 17, 2024, and April 15, 2025, respectively. This is because you typically have three years from the due date to claim a refund.
Individuals can file returns electronically and receive their refund via direct deposit. There is no penalty for a refund on a tax return filed past the due date."
@@everydaywithbecca wasnt able to open the link you sent " Error 403 - Forbidden
The web app you have attempted to reach has blocked your access."
@@jermaineinoue4919 I’m not sure if, even if you filed an amendment to previous years’ returns, if the IRS would send a stimulus check. Have you called and asked them about this? It would benefit you to include your children on your return, and you might get money back for that… but I’m not sure those amendments would trigger stimulus payments.
@@jermaineinoue4919 not sure what’s wrong. I just checked it and it works for me.
How do file an extension if it's my first time filing tax so I can't verify my identity using my prior year history?
Which method are you trying to use? TurboTax? IRS payment system? Using the payment system, you shouldn’t have to verify anything aside from your SSI.
@@everydaywithbecca Oh I see now haha, thank youu!
@@everydaywithbecca Another question, If i filed an extension through TurboTax, Do I choose File extension or just Tax return when paying on IRS site?
@@paul_b011 if you already filed an extension through TurboTax and are just using the irs site to pay any other taxes due, then just select “tax return”. You don’t need to ask/file for another extension.
Thanks! Great video.. quick question. So making a payment towards your taxes 2024 is filing an extension? If going through Irs direct pay. Is there no other form to fill out? thanks
You can formally fill out the form and mail it in if you want. It’s actually easier just making a payment as your extension- but that might not be everyone’s first choice. Keep in mind that you have to make sure you estimate your taxes owed (if any), and pay that by the deadline. The extension is only for the paperwork, not for the payment of taxes owed.
@@everydaywithbecca thanks!!
What if i fail to file an extension also?? But i dont owe any tax also
I would file an extension and then your taxes anyways, even if you are beyond the deadlines.
What is the address or Po box to mail the form in?
Look at the last page on this form-depending on your situation, it will show you where to send your form:
www.irs.gov/pub/irs-pdf/f4868.pdf
cannot enter into the medical expense
What service are you trying to use to file your taxes?
Hello! Thank you for this info.
If I file an extension using say TaxAct software am i obligated to use the same software to file my tax return? Or am I able to use a different type ?
You’re able to use a different software. You’ll just have to create an account on each of those sites; as long as you don’t mind, you can do what you prefer. For ease-sake, I’d use the same one, but it’s not a requirement.
Thank you for the prompt response!
@@brittanymena6853 You're welcome!
Hello, are you CPA?
No. I am not. I’m only sharing my experience and knowledge.
Was on H&R site and couldn’t find the extension tab??
Did your screen look like mine? Also, in order to start an extension, you have to start your filing. Even if it’s just your name and information, and nothing else, you have to put something in before you start an extension.
@@everydaywithbeccaBecause of your comment I found it. Thank GOD 🤦🏽♂️🤦🏽♂️🤦🏽♂️
@@lyteyearz5810 good job! Glad it worked! Email me with any other questions!
Does anyone else here other than me have an online irs account?
Not many people do, but good for you! It’s helpful.
If you have to pay any owed taxes by apr 15 but don’t have to file the paperwork yet, how do you know what you owe?
You have to make an estimated payment. TurboTax has a good calculator that you can use: turbotax.intuit.com/tax-tools/calculators/taxcaster/
It’s basically a short version of doing your taxes that helps you figure out how much you’ll get back or how much you will owe
@@everydaywithbecca oh interesting
What about 1199 extension
What specifically are you trying to extend with the 1199?
Sorry it's my 1099 form . I trying to extend that under my llc
@@troya3094 that makes more sense. 🤣 I don’t know much about it myself, but found this: www.getcanopy.com/blog/get-an-extension-on-irs-1099-filing#:~:text=Automatic%20extension%20for%20Form%201099&text=An%20extension%20can%20be%20requested,filed%20electronically%20by%20March%2031.
Looks like you can extend it online for with the form 8809.
Here’s where you file it electronically: fire.irs.gov/
It does look like the due date was 3/31 though.
Thank u. I think I'm too late but I guess I do it as soon as I can .
@@troya3094 I’d agree. File it and see if they accept it even though it’s late.
Thanks because I just can't 😊
You’re welcome! Hope that you get those taxes done. Good luck this season. Reach out if you need more help!
I WISH you would speak S L O W E R!!! We are here for HELP and we are NOT ACCOUNTANTS
Go to settings, select playback speed, select the speed you would like the video to play. It's a great feature. Some people want a faster video, some want it slower.
Sorry! Thanks for the support and options for your fellow UA-camrs. Please do follow @cadrox80 input.
@@everydaywithbecca Thank you! Your video helped me process an extension for my boyfriend fairly quickly and easily yesterday morning.
@@cadrox80 Glad to hear it! What an awesome girlfriend-LOL. Make sure he thanks you. :D
Just watch the video again
I wish I would get a refund
I hope that you get one! If you don't get one, it may be because you aren't withholding enough during the year. You can change your withholding (form W4) that you file with your employer to allow more taxes to be taken during the year so that you owe less, or even get a refund.
You can use the IRS' withholding calculator to see how you can adjust your W4 so that you do get a refund: www.irs.gov/individuals/employees/tax-withholding
You’re confusing with a stressful approach , when a simple on line extension is all we need .....
Thanks for the feedback.