If you're asking Uncle Sam for more time to turn in your Form 1040, you're not alone. Here's who's likely to request an extension.
div > div.group > p:first-child"> Filers have four more weeks to submit their 2018 tax returns and sums owed to the IRS, as the April 15 deadline rapidly approaches.
If you're overwhelmed by these changes and you have a complex return, it just might make sense to ask the IRS for an extension using Form 4868. This would give you until October 15 to submit your 2018 return.Even the pros anticipate more people will ask for additional time. Here are some of the taxpayers who are most likely to request additional time to submit their return.If you're a shareholder in an S-corporation, you won't be able to submit your individual income tax return until you get all of the necessary paperwork from your business.
"If I'm in several partnerships, I have to wait for all of those K-1s to come in before I file my return," said Robert Kerr, enrolled agent and executive vice president at the National Association of Enrolled Agents.Business owners with pass-through entities — including sole proprietorships, S-corporations and partnerships — may be entitled for a new 20 percent deduction on qualified business income on their 2018 tax return.
"You have taxpayers who are in more complex situations with the impact of all of these changes, and it's causing practitioners to have to extend those returns more than they normally do," said Edward Karl, CPA and vice president of taxation for the American Institute of CPAs.Generally, fewer people are expected to itemize on their returns this year, now that the new tax law raised the standard deduction.
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