It’s tax day! Tips for how to file online, for extension

Business News

CENTRAL ILLINOIS (WMBD) — The federal income tax deadline is here. It was, of course, postponed because of the coronavirus pandemic. If you are filing, you might want to do so online. There’s a huge backlog of paper tax returns because so many IRS employees have been working from home, meaning taxpayers who already filed a paper return may be waiting a while for any refunds.

The president of Neff Accounting said Wednesday would be a full day’s work, but it’s ready for many extensions to be requested.

Today is just like April 15th to tell you the truth. It is busy. Everybody is just treating it like it is the final time, the final day of tax filing. When you’re doing an extension or federal extension, that also includes the state of Illinois. So you do not need to do a separate one for the state of Illinois.

Randy Shaw, President | Neff Accounting

Also know that you can request an extension to October 15, but still need to submit an extension form by Wednesday.

A list of forms due July 15 is on the Coronavirus Tax Relief: Filing and Payment Deadlines page. Electronic payment options are the optimal way to make a tax payment.

Paying electronically:

  • Individuals –Taxpayers can use Direct Pay for two payments each day. Direct Pay allows taxpayers to pay online directly from a checking or savings account for free, and to schedule payments up to 365 days in advance. They will receive an email confirmation of their payments.
     
  • Businesses –For businesses or those making large payments, the best payment option is the Electronic Federal Tax Payment System, which allows up to five payments per day. Enrollment is required. Taxpayers can schedule payments up to 365 days in advance and opt in to receive email notifications about their payments. Visit IRS.gov/eftps for details.

Paying by check, money order or cashier’s check:

  • 2019 Tax Liability – If paying a 2019 income tax liability without an accompanying 2019 tax return, taxpayers paying by check, money order or cashier’s check should include Form 1040-V, Payment Voucher with the payment.
     
  • For those paying when filing their 2019 income tax return, do not staple or paperclip the payment to the return. For more information, go to Pay by Check or Money Order on IRS.gov.
     
  • 2020 Estimated Tax Payments – Taxpayers making their 2020 estimated tax payment by check, money order or cashier’s check should include the appropriate Form 1040-ES payment voucher. Indicate on the check memo line that this is a 2020 estimated tax payment.

Additional electronic payment options:

Payment options are available at IRS.gov/payments:

  • Taxpayers can pay when they file electronically using tax software online. If using a tax preparer, ask the preparer to make the tax payment through an electronic funds withdrawal from a bank account.
     
  • Taxpayers can choose to pay with a credit card, debit card or digital wallet option through a payment processor. Processing fees apply. No part of the card service fee goes to the IRS.
     
  • The IRS2Go app provides mobile-friendly payment options, including Direct Pay and Payment Provider payments on mobile devices.
     
  • Individuals and businesses, preferring to pay in cash, can do so at a participating retail store. Go to IRS.gov/paywithcash for instructions.

For taxpayers paying separately from when they file their tax returns, the more secure and quick way to send a payment to the IRS is by going to IRS.gov/payments and choosing an electronic payment option to submit the payment. Taxpayers should continue to use electronic options to support social distancing and speed the processing of tax returns, refunds, and payments.

Reviewing federal tax information online

Individual taxpayers can go to IRS.gov/account to securely access information about their federal tax account. They can view the amount they owe, access their tax records online, review their payment history, and view key tax return information for the most recent tax return as originally filed.


Need more time to prepare your federal tax return? This page provides information on how to apply for an extension of time to file. Please be aware that:

  • An extension of time to file your return does not grant you any extension of time to pay your taxes. 
  • You should estimate and pay any owed taxes by your regular deadline to help avoid possible penalties.
  • You must file your extension request no later than the regular due date of your return.

E-file Your Extension Form for Free

RELATED CONTENT

Individual tax filers, regardless of income, can use Free File to electronically request an automatic tax-filing extension.

  • Filing this form gives you until Oct. 15 to file a return.
  • To get the extension, you must estimate your tax liability on this form and should also pay any amount due.

Get an extension when you make a payment

You can also get an extension by paying all or part of your estimated income tax due and indicate that the payment is for an extension using Direct Pay, the Electronic Federal Tax Payment System (EFTPS), or a credit or debit card. This way you won’t have to file a separate extension form and you will receive a confirmation number for your records.

Extension Forms by Filing Status

Individuals

Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return (PDF)

Special rules may apply if you are:

Business and Corporations

Form 7004, Application for Automatic Extension of Time to File Certain Business Income Tax, Information, and Other Returns (PDF)

Form 1138, Extension of Time for Payment of Taxes by a Corporation Expecting a Net Operating Loss Carryback (PDF)

Other Forms

Form 2350, Application for Extension of Time to File U.S. Income Tax Return (For U.S. Citizens and Resident Aliens Abroad Who Expect To Qualify for Special Tax Treatment) (PDF)

Form 4768, Application for Extension of Time to File a Return and/or Pay U.S. Estate (and Generation-Skipping Transfer) Taxes (PDF)

Form 5558, Application for Extension of Time to File Certain Employee Plan Returns (PDF)

Form 8809, Application for Extension of Time to File Information Returns (PDF)

Form 8868, Application for Extension of Time To File an Exempt Organization Return (PDF)  

Form 8892, Application for Automatic Extension of Time to File Form 709 and/or Payment of Gift/Generation-Skipping Transfer Tax (PDF)

Latest Headlines

Stay Connected

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

COVID-19 IN CENTRAL ILLINOIS

National Unemployment Tracker

Trending Stories

Latest Local News

More Local News