Get the free form 4868 2020-2021

Hi everyone this is a belong I wanted toshow you how to file form 4868 which isan application for an automaticextension for u.s. individual nowthere's two things here to think aboutif you are a professional or not aprofessional but if you are you have acompany say you're a single member LLCindependent contract or even in just anindividual w2 income you want to makesure you file your extension form Italked about this a little earlier inthis video as to the reasons why youwant to file and some of the things toconsider and be concerned with whendoing filling out filing out yourextension now the extensions due April18th and you only have a few daysbecause it has to be postmarked on April18 the other thing to know or to note isyou can also pay by credit or debit cardby phone or over the internet with theIRS if you owe money and that's why thisis important you should pay if you don'towe any money you should still file yourextension regardless of whether or notyou have the money to pay or if you'reexpecting a refund you want to make sureyou file the extension because you wantto you want to make sure to not treatyou want to make sure your returns notlatefiling a paper extension is not thathard it's very simple actually and youget an automatic six months extension tofile so your return will be due October17th but you don't want to procrastinatenow before you go there you want thebiggest key is that you need to knowwhether or not you owe money and inorder to do that you have to figure outor find out roughly estimate what yourtotal tax liability is per part two ofthe 4868right here you can see that right thereokay so I have a little spreadsheet thatit will actually work together to showthat as we go here say you're a singlemember LLC or independent contractor andyou have money coming in the first thingyou have to calculate is yourself-employment tax that's reallyimportant and I hope I don't confuse youbut I'll give you some I'll give youways to follow up with me if you havemore questions about this or if you wantme to review what you've calculatedfirst thing is these are allhypothetical numberslet's pretend that you have 75,000 andgross income from the business okay andthese are all your business expensesagain these are all an estimatehealthcare mileage business operatingcost that could be leased you know rentor whatever else you have in thereyour hypothetical net income is fiftyone thousand dollars okaynaive now you have to calculate whatyour self-employment tax would be basedon that in this case you automaticallyget for 2010 you have a deduction ofhalf of the self-employment tax sothat's what that ninety two point threepercent of this number is that's whatthat equalsokay and this spreadsheet automaticallydoesn't all you have to do is plug inthe numbers and it automaticallypopulates it for youso as of the fifty one...