EASY & QUICK: No FORMS Extension (IRS Direct Pay) - How to File An Extension on Your Income Taxes

HELLO--the deadline is coming in a few days, and if you're still searching for an extension, that means that you really do need one! QUICK! This is the fastest way I know how to file an extension without the heavy paperwork or a long process through a vendor.
Special thanks to user "djadja W" for suggesting this idea and inspiring this video: / @djadjaw5680
Important Resources
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- TurboTax Taxcaster Website: turbotax.intui...
- IRS Form 1040 ES for Estimated Taxes (official, but long way): www.irs.gov/pu...
- H&R Block Tax Calculator: www.hrblock.co...
- Tax Outreach Tax Calculator: www.taxoutreac...
- IRS Extension Website: www.irs.gov/fo...
- IRS Direct Pay: www.irs.gov/pa...
- IRS EFTPS: www.irs.gov/pa...
- IRS Pay by Debit/Credit/Digital Wallet: www.irs.gov/pa...
- TurboTax Extension/Filing: turbotax.intui...
- Deadlines: ttlc.intuit.co...
- State Extensions: ttlc.intuit.co...
- IRS Payment Plans/Options:www.irs.gov/ta...
- Filing Penalties: ttlc.intuit.co...
- IRS Extension Filing: www.irs.gov/fo...
- IRS Free File: www.irs.gov/fi...
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Hello there! My name is Becca and I'm here sharing everyday skills for everyday people. Not everything is "common sense", and we don't always want to ask questions about the things that come so easily to others. I gotchu! Here on this channel, we go through everything finance, career, and life hack related to give you the jump start you need for success in all areas of life.
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[@Botanifiles]

Thank you, exactly what I needed!

[@everydaywithbecca]

Glad it helped! Good luck this tax season!

[@stevegarza1643]

To avoid penalty I’ve heard you have to pay 110% of your last year amount. This was for anyone making over 150k joint.

[@everydaywithbecca]

You have to pay your “estimated taxes”. You can find this amount using TurboTax’s estimator or through using the irs tables. More info here: turbotax.intuit.com/tax-tips/tax-extensions/how-do-i-get-an-extension-on-taxes/amp/L5ThSke8R#article_header_1

[@MauiViolinist]

Thank you, so great to get info from a woman, and also appreciate that you get to the point quickly with enthusiasm! My question: do we need to pay a certain percent of the estimated tax owed to request an extension? Or any percent at all is okay for now? Then can we work out payment arrangements when filing everything in a few weeks?

[@everydaywithbecca]

You’ll need to pay all of what you believe you owe, or sign up for a payment plan with the IRS. You can review those options here: www.irs.gov/payments/payment-plans-installment-agreements

[@everydaywithbecca]

Also, glad I can represent us women! Also glad that you found this helpful. Thank you for your feedback. :D

[@minks313]

The only way to file an extension is to pay up front?

[@everydaywithbecca]

Whether you file this fast way or you file using the form, you have to pay first. The extension is for the paperwork, not the payments. If you need a payment plan, check out the IRS website for plans: Although I haven’t tried it, you may be able to file an extension and then choose to pay via payment/installment plan. www.irs.gov/payments/payment-plans-installment-agreements

[@jamesignacio6765]

Do individuals have to pay both IRS and their state separately when filing extension? Assuming owing tax

[@everydaywithbecca]

Every state is different. You’ll have to check with your state website to see how to file an extension for them. The form I walk through is for federal only.

[@afrprincess07]

Thankyou for the video! What if you will be expecting a refund but still need an extension? Do you still have to feel out the form?

[@everydaywithbecca]

If that’s the case, I would suggest you use a different method-TurboTax or the IRS online filing system, rather than the payment system.

[@afrprincess07]

@@everydaywithbecca Thankyou!

[@MarketUnderground]

If I think I did my taxes wrong last year what should I do? 😢

[@everydaywithbecca]

You can still file an amended return up to 3 years after the deadline of that years’ return. I’d start with figuring out what you think you did wrong and then filing an amended return to fix it.

[@MarketUnderground]

Thank you so much I actually talked to a tax guy and he said he could help me out!

[@everydaywithbecca]

@@MarketUnderground glad that you got help! Good luck this season!

[@user-mk9rw3su9g]

Our business doesn't owe taxes and I don't think the the TurboTax Extension link can be used for form 7004 business extension.

[@everydaywithbecca]

I’m sorry-I’m confused. Did you already file taxes? What can I help you with?

[@user-mk9rw3su9g]

@@everydaywithbecca I've been looking for websites for filing form 7004, I don't think there's a link for that on TurboTax. I'll be mailing the extension on Monday if I can't find a easy way to e-file the form.

[@everydaywithbecca]

@@user-mk9rw3su9g you can file an extension through TurboTax in the business version. here are the steps: ttlc.intuit.com/turbotax-support/en-us/help-article/tax-forms/file-form-7004-application-automatic-extension-tax/L3LzY6MRg_US_en_US You can also do it through formally submitting the form 7004 through the IRS website using their online e-filing portal: la.www4.irs.gov/secureaccess/ui/?TYPE=33554433&REALMOID=06-000140e1-6d97-12ca-ad96-7c2b0ad00000&GUID=&SMAUTHREASON=0&METHOD=GET&SMAGENTNAME=-SM-u0ktItgVFneUJDzkQ7tjvLYXyclDooCJJ7%2bjXGjg3YC5id2x9riHE98hoVgd1BBv&TARGET=-SM-https%3a%2f%2fla%2ewww4%2eirs%2egov%2fmef%2fifaprd%2finternetFilingHome%2f Steps are here for that IRS website option: www.irs.gov/e-file-providers/e-filing-form-7004-application-for-automatic-extension-to-file-certain-business-income-tax-information-and-other-returns

[@user-mk9rw3su9g]

@@everydaywithbecca Thank you. Looks like TurboTax doesn't have efile on 7004, they ask me to print then mail it. As for the IRS website, do I need to be a registered provider to efile through them?

[@everydaywithbecca]

@@user-mk9rw3su9g you do need an account to efile with the irs. Depending on your situation, you may still be required to mail it in. If TurboTax tells you to mail it in, I would just mail it in.

[@nkolika271]

What if you don’t owe any money, so u still pay????

[@everydaywithbecca]

If you don’t owe anything, I’d use the IRS form or TurboTax to file an extension rather than making a payment. It should still be easy and quick, just not as fast… but it doesn’t make sense to pay anything if you don’t actually owe it. If you’d rather do it this way, you could still pay and then eventually get a refund when you file, but I’m honestly not sure how soon you’d get a refund on what you paid for the extension/how it would work if you paid when you didn’t owe anything.

[@djsec7207]

I would think if you believe you will be receiving a refund but simply need more time to get all of your paperwork and numbers crunched before filing you can still use this method… just direct deposit $0.01. And you’ve secured your extra 6 months to finish filing.

[@everydaywithbecca]

@@djsec7207 I haven't tried that method, but that's something to think about--definitely. :)