hi everyone I hope your week has treated
you well if you've come to this video
today you're looking to extend your tax
return today I'm going to show you all
three ways of how you can do that as
cheaply and as quickly as possible so
information I'm about to share with you
is going to save you time and confusion
when you actually go to extend your
return but make sure you watch this
video from start to finish so you don't
miss any of the important details and
with that being said let's go ahead and
get this started right now
if you are new to this channel welcome I
am MK the CPA and along with my sidekick
chipper we teach people about all areas
of personal finances including things
like taxes which is what this video is
about we focus on reaching people
important subjects you've probably never
learned about in school so if you new to
this channel and you have not already
subscribed please do so because I make
new educational videos every single week
alright guys we're going to go ahead and
get started just a reminder this video
is about extending your personal federal
income tax return many of you might live
in a state that requires an income tax
return filing make sure you go to your
state's tax authority website to check
those filing requirements now often when
you file a federal extension you will
also get a state tax return extension
automatically as well it's just verify
for yourself in the state where you live
that that is the case now in this video
like i said i'm going to show you three
different ways to file an extension for
your federal income tax return the way i
would like you to expend your tax return
is the way that you are most comfortable
with there's more than one way to do it
but do the way that you understand the
best and the way that makes you feel
most comfortable that's what I would
recommend now if you're unsure of what
extensions are all about are unsure of
how they work I made a video on that so
make sure you go check out that video
I'm going to include a link to that
video down below before you file your
extension because I want to make sure
you understand what you're doing before
you do it that's just good that's good
practice so with that being said let's
go ahead and dive in the first method of
how we extend your tax return okay guys
what we're looking at is the 4868 which
is the actual form you would use the
file the extension for your personal
income tax return now i'm looking at a
small piece of the instructions
everything i'm going to be showing you
today is going to be either on the IRS
website or
going to be coming from the instructions
themselves because we're getting this
information straight from the horse's
mouth the first message you can extend
with is the first one that talks about
here it's probably the cheapest and the
fastest way in my opinion to file your
extension what it says is you can pay
all our 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 or
using a credit card or debit card so
let's go ahead and go over to the IRS
website and see what they're talking
about okay so we are now on the IRS
website and i'm going to show you where
you would go so if you're on the IRS
website you're going to go to payments
and then see where it says IRS direct
pay that is a method which will put it
in your banking information and the
money will come directly out of your
account and it will be completely free
this other method you can do an
extension payment by is pay by credit
card but there is a small fee if you go
about this way so just keep that in mind
every website I'm going to show you
today or where I'm at I'm going to be
putting links in the description down
below so you can go there yourself
directly from the description section of
the few tube video so let's go ahead and
go to direct pay now I'm going to walk
through every single step because it
would be boring it would take too long
but you will come to the direct pay and
you're going to do make a payment this
is assuming you have not made an
extension payment already and once you
click that button it's going to take you
to this screen it's the first step out
of 5 on direct a reason for payment this
parts very important so make sure you
select extension that is key and you'll
notice it says apply payment to 4868
which is the extension form in regards
to these different tax filing forms
which is what you want also notice make
sure the tax period is for the year that
you're filing in this case we're doing
2016 in this example but this part is
super important to make sure you have
your tax you're correct and you click
continue and then from here you just go
through the rest of the steps you're
going to enter the other information it
asks for your name your social security
number date of birth x
etc and by at the end of this you'll be
asked enter your bank information and
you can pay and it's completely free to
pay this way and this is the first way
to file an extension now let's hop over
to show you real quick what that credit
card screen looks like if you want to
pay by debit or credit card all right
now we're going to jump back in this
screen to show you where you can pay by
credit or debit card I'm going to go
ahead and click here and notice this is
another way to pay and there's all these
different portals you can click from or
go into to go in and pay your extension
or to make your extension payment or to
pay taxes due notice there are fees
associated if you want to do a debit or
credit card I'm just going to jump in
here real quick to pay us at a tax com
let's jump in there then it's going to
take you to this screen and you can go
to any any one of these guys it doesn't
really matter it's just whatever is most
comfortable for you then you're going to
click under personal taxes you're going
to click make a personal payment and
then over here it's kind of hidden but
click other tax types and this is where
you'll see see where to pay your form
4868 automatic extension of time to file
for tax year 2016 this is where you
would make that extension payment then
you would click continue and go through
the steps from there and that's how you
would pay by debit or credit card
remember main difference between the
payment pain by debit or credit card is
that there's a small fee associated with
it but the process is going to be very
very similar to direct pay and that's
how you do that now let's move on to
method number two okay moving on the
method number two you can file form 4868
electronically by accessing IRS e-file
using your home computer or by using a
tax professional who uses efile so
anybody who works at on a CPA firm rose
an enrolled agent can also do this for
you let's go take a look at what they're
talking about if you want to do yourself
okay we are back on the IRS website so
we're going to go you're going to go to
filing down here see where it says free
file go ahead and click that and then
once you're on this screen you're going
to notice that
there's free file software if you're
under a certain income limitation but it
is free to file an extension for anyone
regardless of your income so over here
it says e file your extension you can go
here and then from here it talks about
what free file is and who can do it and
then you can use any one of these tax
software packages that are provided for
you for free some of them do have some
charges if I think if you file your full
return but the extension itself is free
and if you read this you'll you'll see
what I'm talking about anybody can file
a free extension so then what you're
going to do is you're going to come and
click on any one of these I don't have a
recommended one because I've never used
these software products to be honest
with you but let's go to tax player for
example then everyone I've clicked on
some of these other links and every one
of them or similar but you'll come here
you're gonna like this is taxslayer com
you're going to click in here and do
file for free it's going to want you to
sign in and create a setup but once
you're in there you can go and file your
extension electronically completely free
I know it's a little bit of legwork but
the third way I'm about to tell you
about might be Annie's an even easier
option even though it's doing it by
paper so let's go ahead and look at
option number three ok let's look at
option number three you can file a paper
form 4868 and enclose payment of your
estimate of tax due let's do this the
old-fashioned way ladies and gentlemen
it's pretty darn easy let me show you
right now okay so i got the form 4868
from the IRS website and the form and
the instructions are all in the same
package it's only three or four pages
long which it makes it nice so let's
scroll down here the only thing you
actually need to fill out and this has
great information everything you need to
know is about extensions in these
instructions so I've highlighted some
stuff but ignore it for the time being
so this is the part you're actually
going to be filling out right here this
is the part you're going to fill out and
mail in a check if you think you're
going to owe
money or if you think you need to pay
some money in now let me flip over to an
example I've already done so you can see
what it looks like okay guys this is a
sample of one I've obviously put
chippers information here and you're
going to be putting your own name right
here your address the city where you
live the state where you live the zip
code and your social security number
goes down here if you're married make
sure you put your spouse's number here
especially if you filed a joint if you
typically file a joint return over here
in part two of the little form it's a
little trickier but just do your best
job estimating your total tax liability
of what you think it's going to be you
can leave and look at a priori return to
get a better idea of what that number is
but this example in this very simple
example I put 20,000 and we're saying
that shiver paid in for 2016 he had with
total withholdings on his paycheck or
w-2 of nineteen thousand dollars so
twenty thousand minus 19 woodleaf
chipper in this example owing a thousand
bucks on line 6 then on line seven
chippers since he thinks he's going to
oh he's going to Mel in a
thousand-dollar check or payment along
with this voucher then if you were out
of the country make sure you look at box
number 89 make sure to make to see if
these apply to you otherwise you can
ignore them now let me go over to show
you how you make a payment with a check
because there's a couple pieces of
information you actually need to know
before you send in this voucher with
your check let's talk about this up here
when you make out your check or money
order payable you know make it sure it's
payable to the United States Treasury do
not send cash right your social security
number daytime phone number and you're
in 2016 form 4868 on your check or money
order that's how they will know what
it's for and also don't staple or attach
your payment to form 4868 and it says
know if you're a file form 4868 and
Melanie mail a check or money order to
the IRS payment use a completed paper
form for the
68 as a voucher please note with your
payment that your extension request was
originally filed electronically so if
you already filed an electronic
extension but you want to make a payment
just make a note for them so they
understand that and if you're so filthy
rich that you have 100 million dollars
okay then we hope the world ransom for
100 billion dollar the which does make
me laugh if this is even on here the IRS
has a funny sense of humor but they do
not want you to send a check for over
100 million dollars oh my gosh if you
have that problem let me be your friend
I would love to take some of that cash
our guys and last but not least this is
where you're going to melt in your
extensions voucher and your sentient
payment when you're filing your
extension notice it's based on the state
you live look it up look what state you
live in right here and the address is
here so you can pause the video and
figure out where you need the melon your
check so Mel in your extension payment
voucher your extension form and just
look to see where it goes and I would
send it via certified mail and then
you'll be good to go that's what I would
recommend okay guys that is all the
information I have for you today if you
found this video helpful it would mean a
lot to me if you hit that like button
down below if you have questions about
anything we discussed today don't be
afraid to leave a comment in the comment
section down below because you'll find
that I do respond and I'll answer your
question to the best of my ability guys
that educational videos I make on this
channel are really there to help you and
to make your adult life a little easier
and a little less complicated and save
you time for the things you learn by
watching these videos so if you've not
already subscribed please make sure to
do so so you do not miss any of our
future videos or channel updates thank
you
alright guys thank you so much for your
love and support I really do appreciate
it and take this information and go with
live your life on Cade also you can hit
the subscribe button over here and click
these thumbnails to check out some of my
other tax videos with that being said I
hope you guys have a wonderful week and
I will see you all next Sunday bye
everybody
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