Understanding Tax Extensions

Why might someone consider filing for a tax extension?

• To avoid paying taxes altogether

• To get more time to gather necessary documents

• To reduce the amount of taxes owed

• To receive a tax refund sooner

Which form is required to file for a tax extension?

• IRS Form 1099

• IRS Form W-2

• IRS Form 4868

• IRS Form 1040

What information is needed when filling out the tax extension form online?

• Your bank account number

• Your employer's details

• Your name, address, and social security number

• Your previous year's tax return

What happens if you don't pay your estimated taxes by the deadline?

• You will receive a tax refund

• You could face penalties and interest charges

• Your tax extension will be canceled

• You will be exempt from future taxes

What should you do if you don't receive a confirmation after filing for a tax extension?

• Assume it was processed correctly

• Follow up with the IRS to ensure it was processed

• File another tax extension

• Ignore it, as confirmations are not necessary