Tag Archives: Tax Extensions

Super Busy … Procrastinators …. Here is your Tax Savior … The Automatic Extension

Life gets in the way, it’s a busy time of the year .. heck, life is busy!

No matter how busy we are, the IRS wants some sort of response.

The Automatic ExtensionUncle Sam

Here’s how to file your automatic extension for several different types of returns.

While we give you the link and the information to file an automatic extension … it’s pretty easy, be sure to make a rough estimate of your taxes – and if you owe pay an estimate with your extension. The penalties for under paying your taxes are pretty big and grow exponentially the longer you wait.

Assuming you just ran out of time or are missing a document, here are your links to the various automatic extension violence.

  • Form 4868 – This for automatic extension of your Personal Tax Return aka 1040
  • Form 7004 – This for automatic extension of your Trust Return – 1041 among others

By filing this extension you get until October 15, 2018 to file – but don’t wait till then let’s get this done sooner rather than later!

Have a Happy “Soon to be Filed” tax return day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.

How to file an automatic personal 1040 Tax Extension … 40 Million returns yet to be filed

The IRS estimates that over 40 million tax filings are yet to be filed, which are due tomorrow.

You are not alone if April 18, 2017 was not enough time to file your taxes!

How to file an automatic Extension

In order to file and receive your automatically accepted 1040 Personal income tax extension, use Form 4868. Here is the IRS website with complete instructions.

Your new extended deadline for this year will now be October 16, 2017 for your personal 1040 returns. Other entity tax return extensions may have different deadlines.

Be sure to note the different addresses for filing, depending on your State of residence and with or without payment.

If you might owe, make an estimate NOW!Uncle Sam

If you owe taxes or think you may owe taxes, send in an estimate with your Form 4868 filing as interest penalties compound and accelerate after tomorrows deadline.

From the IRS:

The late payment penalty is usually ½ of 1% of any tax (other than estimated tax) not paid by April 18, 2017. It is charged for each month or part of a month the tax is unpaid. The maximum penalty is 25%.

Calculate your amount owed and be sure to send it with your extension request.

Our favorite Tax Estimate Calculator

Here is our favorite easy, high level tax calculator, just in case you are not sure on your possible liability. Five minutes of data entry will most likely get you close, Round up and mail that check in with Form 4868 to insure that you will not have penalties and interest accruing.

There are certainly other calculators, but if you are in a hurry and have not entered any information elsewhere, the Dinkytown estimator above may be just the ticket.

Don’t let October get here too fast…another extension is not this easy!

Have a Great “Pre-Tax Day” day!

John A. Kvale CFA, CFP

Founder of J.K. Financial, Inc.
A Dallas Texas based fee only
Financial Planning Total Wealth
Management firm.


5 Key Items from the 2010 “Framework” Of Tax Cut Extensions

Last night, shortly after my short cell post, President Obama made a public announcement that a “Framework” (still more to be hammered out) for the extension of tax cuts had been reached.


Here are a few of the highlights:

  1. Estate Tax to begin at $5 Million level at a 35% rate
  2. Extension of the lowered Capital Gain rate of 15%
  3. Unemployment benefits for long termed unemployed extended for another 13 months
  4. Payroll tax reduction for small business owners and accelerated tax write-offs for business investments
  5. Continuation of current tax brackets for all income levels

While this “Framework” appears to be for the next two years only, the announcement sheds much clarity on the uncertainty in many areas, especially regarding estate taxes.

The debate of future debt, the Feds role, and economic stability will rage today and in the days to come, however, market participants will most certainly breathe a sigh of relief for the clarity, if for no other reason.

Have a Good Day!