馃攳
How Do I Extend My Tax Return Online or by Paper? How to file form 4868 online and extension payment - YouTube
Channel: Money and Life TV
[0]
hi everyone I hope your week has treated
[3]
you well if you've come to this video
[5]
today you're looking to extend your tax
[7]
return today I'm going to show you all
[10]
three ways of how you can do that as
[12]
cheaply and as quickly as possible so
[15]
information I'm about to share with you
[17]
is going to save you time and confusion
[20]
when you actually go to extend your
[23]
return but make sure you watch this
[25]
video from start to finish so you don't
[26]
miss any of the important details and
[28]
with that being said let's go ahead and
[31]
get this started right now
[41]
if you are new to this channel welcome I
[46]
am MK the CPA and along with my sidekick
[50]
chipper we teach people about all areas
[53]
of personal finances including things
[56]
like taxes which is what this video is
[58]
about we focus on reaching people
[61]
important subjects you've probably never
[64]
learned about in school so if you new to
[67]
this channel and you have not already
[68]
subscribed please do so because I make
[70]
new educational videos every single week
[73]
alright guys we're going to go ahead and
[76]
get started just a reminder this video
[79]
is about extending your personal federal
[82]
income tax return many of you might live
[85]
in a state that requires an income tax
[87]
return filing make sure you go to your
[90]
state's tax authority website to check
[93]
those filing requirements now often when
[96]
you file a federal extension you will
[98]
also get a state tax return extension
[100]
automatically as well it's just verify
[103]
for yourself in the state where you live
[105]
that that is the case now in this video
[108]
like i said i'm going to show you three
[109]
different ways to file an extension for
[112]
your federal income tax return the way i
[114]
would like you to expend your tax return
[116]
is the way that you are most comfortable
[119]
with there's more than one way to do it
[121]
but do the way that you understand the
[124]
best and the way that makes you feel
[126]
most comfortable that's what I would
[127]
recommend now if you're unsure of what
[130]
extensions are all about are unsure of
[133]
how they work I made a video on that so
[136]
make sure you go check out that video
[138]
I'm going to include a link to that
[139]
video down below before you file your
[143]
extension because I want to make sure
[144]
you understand what you're doing before
[147]
you do it that's just good that's good
[150]
practice so with that being said let's
[153]
go ahead and dive in the first method of
[156]
how we extend your tax return okay guys
[160]
what we're looking at is the 4868 which
[162]
is the actual form you would use the
[164]
file the extension for your personal
[167]
income tax return now i'm looking at a
[169]
small piece of the instructions
[171]
everything i'm going to be showing you
[172]
today is going to be either on the IRS
[174]
website or
[175]
going to be coming from the instructions
[177]
themselves because we're getting this
[178]
information straight from the horse's
[180]
mouth the first message you can extend
[184]
with is the first one that talks about
[186]
here it's probably the cheapest and the
[188]
fastest way in my opinion to file your
[190]
extension what it says is you can pay
[193]
all our part of your estimated income
[194]
tax due and indicate that the payment is
[197]
for an extension using direct pay the
[200]
electronic federal tax payment system or
[203]
using a credit card or debit card so
[206]
let's go ahead and go over to the IRS
[207]
website and see what they're talking
[209]
about okay so we are now on the IRS
[215]
website and i'm going to show you where
[217]
you would go so if you're on the IRS
[218]
website you're going to go to payments
[220]
and then see where it says IRS direct
[224]
pay that is a method which will put it
[227]
in your banking information and the
[228]
money will come directly out of your
[230]
account and it will be completely free
[231]
this other method you can do an
[234]
extension payment by is pay by credit
[236]
card but there is a small fee if you go
[238]
about this way so just keep that in mind
[241]
every website I'm going to show you
[243]
today or where I'm at I'm going to be
[244]
putting links in the description down
[246]
below so you can go there yourself
[248]
directly from the description section of
[250]
the few tube video so let's go ahead and
[252]
go to direct pay now I'm going to walk
[254]
through every single step because it
[256]
would be boring it would take too long
[257]
but you will come to the direct pay and
[259]
you're going to do make a payment this
[262]
is assuming you have not made an
[263]
extension payment already and once you
[266]
click that button it's going to take you
[267]
to this screen it's the first step out
[269]
of 5 on direct a reason for payment this
[272]
parts very important so make sure you
[274]
select extension that is key and you'll
[277]
notice it says apply payment to 4868
[280]
which is the extension form in regards
[282]
to these different tax filing forms
[284]
which is what you want also notice make
[287]
sure the tax period is for the year that
[289]
you're filing in this case we're doing
[292]
2016 in this example but this part is
[295]
super important to make sure you have
[297]
your tax you're correct and you click
[299]
continue and then from here you just go
[302]
through the rest of the steps you're
[303]
going to enter the other information it
[305]
asks for your name your social security
[307]
number date of birth x
[309]
etc and by at the end of this you'll be
[311]
asked enter your bank information and
[313]
you can pay and it's completely free to
[315]
pay this way and this is the first way
[317]
to file an extension now let's hop over
[319]
to show you real quick what that credit
[321]
card screen looks like if you want to
[323]
pay by debit or credit card all right
[327]
now we're going to jump back in this
[328]
screen to show you where you can pay by
[331]
credit or debit card I'm going to go
[332]
ahead and click here and notice this is
[336]
another way to pay and there's all these
[338]
different portals you can click from or
[340]
go into to go in and pay your extension
[344]
or to make your extension payment or to
[345]
pay taxes due notice there are fees
[348]
associated if you want to do a debit or
[350]
credit card I'm just going to jump in
[352]
here real quick to pay us at a tax com
[355]
let's jump in there then it's going to
[357]
take you to this screen and you can go
[359]
to any any one of these guys it doesn't
[361]
really matter it's just whatever is most
[363]
comfortable for you then you're going to
[365]
click under personal taxes you're going
[367]
to click make a personal payment and
[368]
then over here it's kind of hidden but
[371]
click other tax types and this is where
[374]
you'll see see where to pay your form
[376]
4868 automatic extension of time to file
[378]
for tax year 2016 this is where you
[382]
would make that extension payment then
[384]
you would click continue and go through
[385]
the steps from there and that's how you
[387]
would pay by debit or credit card
[388]
remember main difference between the
[390]
payment pain by debit or credit card is
[393]
that there's a small fee associated with
[395]
it but the process is going to be very
[397]
very similar to direct pay and that's
[401]
how you do that now let's move on to
[402]
method number two okay moving on the
[406]
method number two you can file form 4868
[410]
electronically by accessing IRS e-file
[414]
using your home computer or by using a
[417]
tax professional who uses efile so
[420]
anybody who works at on a CPA firm rose
[422]
an enrolled agent can also do this for
[424]
you let's go take a look at what they're
[426]
talking about if you want to do yourself
[427]
okay we are back on the IRS website so
[430]
we're going to go you're going to go to
[432]
filing down here see where it says free
[435]
file go ahead and click that and then
[439]
once you're on this screen you're going
[441]
to notice that
[442]
there's free file software if you're
[444]
under a certain income limitation but it
[446]
is free to file an extension for anyone
[449]
regardless of your income so over here
[452]
it says e file your extension you can go
[454]
here and then from here it talks about
[457]
what free file is and who can do it and
[460]
then you can use any one of these tax
[462]
software packages that are provided for
[465]
you for free some of them do have some
[467]
charges if I think if you file your full
[470]
return but the extension itself is free
[473]
and if you read this you'll you'll see
[475]
what I'm talking about anybody can file
[477]
a free extension so then what you're
[479]
going to do is you're going to come and
[480]
click on any one of these I don't have a
[482]
recommended one because I've never used
[484]
these software products to be honest
[486]
with you but let's go to tax player for
[488]
example then everyone I've clicked on
[491]
some of these other links and every one
[492]
of them or similar but you'll come here
[495]
you're gonna like this is taxslayer com
[497]
you're going to click in here and do
[499]
file for free it's going to want you to
[501]
sign in and create a setup but once
[504]
you're in there you can go and file your
[506]
extension electronically completely free
[510]
I know it's a little bit of legwork but
[512]
the third way I'm about to tell you
[514]
about might be Annie's an even easier
[517]
option even though it's doing it by
[519]
paper so let's go ahead and look at
[521]
option number three ok let's look at
[526]
option number three you can file a paper
[528]
form 4868 and enclose payment of your
[532]
estimate of tax due let's do this the
[536]
old-fashioned way ladies and gentlemen
[538]
it's pretty darn easy let me show you
[540]
right now okay so i got the form 4868
[544]
from the IRS website and the form and
[548]
the instructions are all in the same
[549]
package it's only three or four pages
[551]
long which it makes it nice so let's
[554]
scroll down here the only thing you
[556]
actually need to fill out and this has
[559]
great information everything you need to
[560]
know is about extensions in these
[562]
instructions so I've highlighted some
[564]
stuff but ignore it for the time being
[566]
so this is the part you're actually
[568]
going to be filling out right here this
[570]
is the part you're going to fill out and
[572]
mail in a check if you think you're
[574]
going to owe
[575]
money or if you think you need to pay
[577]
some money in now let me flip over to an
[579]
example I've already done so you can see
[582]
what it looks like okay guys this is a
[585]
sample of one I've obviously put
[587]
chippers information here and you're
[590]
going to be putting your own name right
[592]
here your address the city where you
[595]
live the state where you live the zip
[597]
code and your social security number
[600]
goes down here if you're married make
[602]
sure you put your spouse's number here
[603]
especially if you filed a joint if you
[606]
typically file a joint return over here
[609]
in part two of the little form it's a
[611]
little trickier but just do your best
[612]
job estimating your total tax liability
[615]
of what you think it's going to be you
[617]
can leave and look at a priori return to
[619]
get a better idea of what that number is
[621]
but this example in this very simple
[624]
example I put 20,000 and we're saying
[627]
that shiver paid in for 2016 he had with
[631]
total withholdings on his paycheck or
[633]
w-2 of nineteen thousand dollars so
[636]
twenty thousand minus 19 woodleaf
[638]
chipper in this example owing a thousand
[641]
bucks on line 6 then on line seven
[644]
chippers since he thinks he's going to
[646]
oh he's going to Mel in a
[647]
thousand-dollar check or payment along
[649]
with this voucher then if you were out
[652]
of the country make sure you look at box
[655]
number 89 make sure to make to see if
[658]
these apply to you otherwise you can
[660]
ignore them now let me go over to show
[662]
you how you make a payment with a check
[664]
because there's a couple pieces of
[666]
information you actually need to know
[667]
before you send in this voucher with
[670]
your check let's talk about this up here
[673]
when you make out your check or money
[675]
order payable you know make it sure it's
[677]
payable to the United States Treasury do
[680]
not send cash right your social security
[683]
number daytime phone number and you're
[685]
in 2016 form 4868 on your check or money
[690]
order that's how they will know what
[693]
it's for and also don't staple or attach
[696]
your payment to form 4868 and it says
[699]
know if you're a file form 4868 and
[702]
Melanie mail a check or money order to
[705]
the IRS payment use a completed paper
[707]
form for the
[708]
68 as a voucher please note with your
[711]
payment that your extension request was
[713]
originally filed electronically so if
[716]
you already filed an electronic
[717]
extension but you want to make a payment
[719]
just make a note for them so they
[722]
understand that and if you're so filthy
[725]
rich that you have 100 million dollars
[729]
okay then we hope the world ransom for
[733]
100 billion dollar the which does make
[742]
me laugh if this is even on here the IRS
[744]
has a funny sense of humor but they do
[747]
not want you to send a check for over
[750]
100 million dollars oh my gosh if you
[754]
have that problem let me be your friend
[756]
I would love to take some of that cash
[758]
our guys and last but not least this is
[763]
where you're going to melt in your
[764]
extensions voucher and your sentient
[767]
payment when you're filing your
[770]
extension notice it's based on the state
[772]
you live look it up look what state you
[775]
live in right here and the address is
[776]
here so you can pause the video and
[778]
figure out where you need the melon your
[780]
check so Mel in your extension payment
[783]
voucher your extension form and just
[786]
look to see where it goes and I would
[787]
send it via certified mail and then
[789]
you'll be good to go that's what I would
[791]
recommend okay guys that is all the
[795]
information I have for you today if you
[798]
found this video helpful it would mean a
[800]
lot to me if you hit that like button
[801]
down below if you have questions about
[804]
anything we discussed today don't be
[806]
afraid to leave a comment in the comment
[808]
section down below because you'll find
[810]
that I do respond and I'll answer your
[812]
question to the best of my ability guys
[815]
that educational videos I make on this
[817]
channel are really there to help you and
[820]
to make your adult life a little easier
[822]
and a little less complicated and save
[824]
you time for the things you learn by
[827]
watching these videos so if you've not
[829]
already subscribed please make sure to
[831]
do so so you do not miss any of our
[833]
future videos or channel updates thank
[837]
you
[838]
alright guys thank you so much for your
[840]
love and support I really do appreciate
[842]
it and take this information and go with
[845]
live your life on Cade also you can hit
[848]
the subscribe button over here and click
[850]
these thumbnails to check out some of my
[852]
other tax videos with that being said I
[855]
hope you guys have a wonderful week and
[858]
I will see you all next Sunday bye
[861]
everybody
Most Recent Videos:
You can go back to the homepage right here: Homepage