Definition:
Form 4868 is the form used to file for an automatic extension of time to file your personal tax return. The 4868 includes Schedule C for your sole proprietorship or single-member limited liability company (LLC). You don't need to file a separate extension for your business in these circumstances. The profits from your business are included in the total tax that you owe, so you include the calculations of business tax profit or loss in the other calculations for your personal tax return.
Automatic Extension Time
You have an automatic 6-month extension for for personal taxes, until October 15.
How to Complete
Form 4868 is a short form, by IRS standards. It only requires you to:
- Include your name (and your spouse's name) and address and your social security number(s)
- The estimate of your total tax liability for the year
- The total payments you have already made
- The balance due
- The amount you are paying
