As the nonprofit sector focuses on meeting the May 17, 2021 Form 990 deadline, it’s important to make sure your personal income tax deadlines don’t get forgotten! Individual income tax Form 1040 is also due May 17, 2021.
If you aren’t ready to file Form 1040 for the 2020 tax year, there is another option. You can request an extension with Form 4868, and receive additional time to file. Filing personal income taxes is no small task, but you don’t have to do it this week. Here is what you need to know about personal tax Form 1040 for the 2020 tax year and how to extend your deadline quickly and safely.
Personal Tax Form 1040
Individual tax Form 1040 allows U.S. residents to calculate their total taxable income and figure out how much they need to pay the government. Taxpayers are required to file this form every year to calculate their income taxes. For the 2020 tax year, Form 1040 is due May 17, 2021.
You can extend your Form 1040 deadline by filing extension Form 4868 today.
What is Extension Form 4868?
Form 4868 is a form that typically grants filers an automatic 6-month extension on their personal income tax deadlines. Due to the unprecedented circumstances of the 2020 tax year, the IRS already gave taxpayers an additional month to meet their Form 1040 deadline, moving the due date to May 17, 2021.
Because of the extra month, this year, filing Form 4868 will give taxpayers a five month extension. If you file Form 4868, your May 17, 2021 deadline will be moved to October 15, 2021. Form 4868 gives filers an automatic extension. You will not need to provide your signature or give the IRS an explanation.
What Information Do I Need to Complete Form 4868?
You can extend your income tax deadline easily as long as you have the right information ready to file Form 4868.
You’ll need your personal details, including your full name, address, and Social Security Number (SSN). If you are filing jointly with your spouse, be ready to provide their information as well. You will also need your total tax liability and payment for 2020, and any balance due.
When is the Form 4868 Deadline?
Form 4868 is due on or before your personal income tax deadline. To extend your Form 1040 due date for the 2020 tax year, be sure to file Form 4868 on or before May 17, 2021.
How to file Form 4868?
E-filing is the best option when it comes to extending your personal income tax deadline with Form 4868. Filing Form 4868 online means your extension request is transmitted to the IRS instantly, helping you get the extra time you need right away.
At ExpressTaxExempt, we care so much about the nonprofit sector. We know that in spite of everything you do, nonprofits’ officers, employees, and volunteers aren’t tax-exempt. We want to make sure you have everything that you need to meet your personal IRS requirements safely and easily. Our sister product, ExpressExtension, is an amazing service that makes extending your deadlines super simple, without any risk.
You can file Form 4868 in just a few minutes. Here is the entire process:
Step 1: Choose the extension type you would like to file (either individual or joint filing)
Step 2: Enter your personal details such as Name, Address, SSN
Step 3: Enter your tax payment details if you owe any taxes