Filing Form 4868 has never been easier with ComplYant’s new extension filing feature

By Mandy Graber

Apr 07, 2023

We’re here to simplify business tax. As part of that effort, ComplYant has officially launched a new federal extension filing feature for folks who need to submit Form 4868. This feature helps freelancers, solopreneurs, and small business owners who can’t file by the regular deadline.

Many sole proprietors, freelancers, and professionals running single-member LLCs don’t realize they should use their individual returns to file their federal taxes. If they need extra time to file, their process to request a federal extension isn’t the same as a corporation, partnership, or nonprofit organization.

Fortunately, the process doesn’t have to be complicated. These business owners can easily file 4868 federal extensions as an included feature in ComplYant’s Premium Plan.

What does a federal individual income extension do?

When you file a federal individual income tax extension (Form 4868), you get extra time to file the paperwork for Form 1040. This means you’ll extend your filing deadline from April 18th, 2023, until October 16th, 2023.

However, requesting an extension doesn’t extend the time you have to pay any balance on your tax bill. If you believe you’ll owe taxes, you must estimate your tax liability and pay when you file Form 4868 to avoid possible penalties.

How to request an extension with ComplYant

Requesting an extension is easy to do. You’ll be done in minutes. Here’s a quick guide to help.

If you’re using ComplYant for the first time, you’ll follow these steps:

Sign up and select ComplYant’s Premium Plan.
After you’ve signed up and have reached the welcome page, click “Request an Extension.”

If you already have a ComplYant Premium Plan account, the process is even easier:

Click this link to be taken to begin the process.
If you’re not logged in, log in, and you’ll be directed to instructions for filing an extension.

Here’s a walkthrough of how to file an extension:

FAQs

Why would I request an extension to file my taxes?

If you think you won’t be able to file Form 1040 by April 18th, 2023, you should file an extension. Not filing on time can lead to a “failure to file” penalty from the IRS. Instead, filing an extension allows you to avoid the penalty for not filing and gives you more time to complete your paperwork. The extension pushes the deadline to file your federal income taxes to October 15th, 2023.

What types of businesses can request an extension with ComplYant?

Single-member LLCs and sole proprietorships can use ComplYant’s new feature to request an extension. The system allows for the fast, user-friendly filing of Form 4868, which applies to these business structures.

What do I need to file an extension?

Before you file your extension, you’ll need to gather some important information.

You’ll need to estimate how much you owe in taxes for 2022. (Use your 1040 as a guide.)
If you’ve contributed toward your 2022 taxes, you’ll need to know the amount you’ve paid. (Be prepared to disclose if you’ve paid nothing so far.)
If you’d like to pay online, you’ll need your bank account, credit card, or EFTPS information.
If you’d like to pay by check or money order, you’ll need to print your completed Form 4868 to mail in as a voucher with your payment.
You’ll also want to gather your personal information, such as your social security number (SSN) or individual taxpayer identification number (ITIN). You’ll also need your spouse’s information if you’re filing jointly.

Do I also need to file a state extension?

Depending on your circumstances, you may also need to file an extension for your state income tax return. To be sure, please check your state’s tax authority website for more information.

How much does it cost to file an extension?

If you are already signed up for ComplYant’s Premium Plan, you can file an extension at no extra charge. Currently, this feature is only available to business owners as part of the Premium Plan. If you're using a free ComplYant account, you can easily upgrade your subscription.

ComplYant helps to simplify tax so you can focus on your business

Whether you’re running a small single-member LLC or have a side gig on top of regular W2 income, we’re here to help you file any business profit or loss. In fact, contractors, entrepreneurs, and small business owners use ComplYant to collectively save millions of dollars in fines and penalties and tens of thousands of hours of work. Check out how ComplYant can help you manage business taxes.

By Mandy Graber

Mandy is a seasoned content creator with experience in a wide variety of industries. She works alongside our ComplYant Tax Experts to help make tax-related content more accessible to everyone. In her long tenure as a writer and content creator, she has covered a wide array of topics, including insurance, education, financial technology, and more.