Get the free form 4868 2019-2020

Music welcome back to our Channel clear value tax my name is Brian Kim Im a certified public accountants and one of the partners at our tax practice today were going to be discussing how to file a tax extension were gonna give you step-by-step instructions on how to fill out the form four eight six eight but before we get into that theres a few things I need to say first the tax return extension the form four eight six eight that is due by the due date of the tax return so when the tax return would have been due thats when you need to get your tax return extension submitted to the IRS okay so if were talking about 2018 taxes and its 2019 right now then those 2018 taxes would be due April 15th 2019 so you need to get that tax return extension submitted by April 15th 2019 thats the due dates okay the second thing is that the tax return extension request extends your time to file the tax return it extends your time to file it does not extend your time to pay so if you have a balanced you or expecting a balance due then you need to get that payment in by April 15th the tax return extension extends the time to file not to pay okay heres an issue youre probably filing a tax return extension because you havent completed your tax return yet so if you havent completed your tax return I understand its difficult to gauge if youre gonna have a balance to you if you do have a balance to how much youre gonna have how much that balance due will be for so I understand its difficult but you just have to use your best guess whatever the shortage is whatever your balance do is if you dont pay it youre gonna get charged an interest penalty failure to pay penalty on that amount do so lets just say you have a ten thousand dollar balance do if you dont make that payment by April 15th if you dont file an extension eiements youre gonna get charged penalty on that youre gonna charge a penalty which is interest however youre expecting a 10000 balance due and you pay a 9000 extension payment then that would cut down your balance due to 1000 and then you get charged penalty and interest on just that 1000 the shortage the balance due okay so just keep that in mind the extension extends your time to file not extend your time to pay okay so with that said were gonna hop in on the instructions on how to fill out this form all right so were gonna give you step-by-step instructions on how to file the form 4868 which is the extension request for filing your federal tax return so youre gonna want a Google Form four eight six eight so this will pop up the first one or the first few make sure youre clicking on the one thats from the IRS gov itll be in the URL as well IRS gov of course this is the official IRS website so make sure youre using this one make sure youre using the proper year so this is the proper tax year not what year is it currently so in this example its 2019 and were trying to fill out the 2018 taxes so we want to use the 2018 extension request so its the 2018 four...