An extension of time beyond the April 15 deadline during which taxpayers, with the approval of the IRS, can file their returns without incurring penalties.
Click on the arrows to vote for the correct answer
A. B. C. D.A
The correct answer is A. Filing extension.
A filing extension is an additional time granted by the Internal Revenue Service (IRS) to taxpayers to file their income tax returns beyond the standard April 15 deadline. The extension allows taxpayers to file their returns without incurring any penalties.
To request an extension, taxpayers must file Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return, by the original filing deadline, which is usually April 15. This form can be submitted electronically or by mail.
If the extension is approved, taxpayers will have an additional six months to file their tax returns. This means that the new deadline will be October 15. However, it's important to note that the extension only applies to filing the tax return, not to paying any taxes owed. Taxpayers are still required to estimate and pay their taxes by the original deadline to avoid penalties and interest charges.
In summary, a filing extension is an additional time granted by the IRS to taxpayers to file their income tax returns beyond the standard April 15 deadline. It is requested by submitting Form 4868 and, if approved, allows taxpayers to file their returns without incurring any penalties.