Tax Filing Extension: What You Need to Know
The deadline to file your taxes is quickly approaching, but if you’re not ready, there is still hope. The Internal Revenue Service (IRS) offers taxpayers the option to request an extension on their taxes, allowing extra time to get their taxes prepared and filed. Here’s what you need to know about requesting a tax filing extension.
What is a Tax Filing Extension?
A tax filing extension is an extension of the April 15 filing deadline. It gives taxpayers additional time to file their taxes without incurring any late filing penalties. The IRS grants extensions to any taxpayer who requests one. The extension is typically valid for six months, meaning taxpayers have until October 15 to file their return.
Is an Extension Automatic?
No, an extension is not automatic. Taxpayers must request an extension in order to receive it. To request an extension, taxpayers must file Form 4868 with the IRS. IRS tax extension form must be submitted by April 15 in order to receive an extension. If taxpayers fail to file this form, they will be subject to late filing penalties.
Do I Have to Pay My Taxes by April 15?
Yes, taxpayers must still pay their taxes by April 15 even if they have requested an extension. Requesting an extension does not give taxpayers additional time to pay their taxes; it only gives them additional time to file their return. Taxpayers are still liable for any taxes due and may incur late payment penalties if they fail to pay by April 15.
What Information is Required to File Form 4868?
In order to file Form 4868, taxpayers must provide their name, address, Social Security number, estimated tax liability for the year, and the amount of tax they have paid. They must also indicate whether they are filing as an individual, married filing jointly, or another filing status.
What Happens After I Request an Extension?
Once the IRS receives Form 4868, they will grant the taxpayer an extension. The taxpayer will have until October 15 to file their return. Taxpayers should note that the extension only applies to filing, not to payment of taxes due. If taxes are not paid by April 15, penalties and interest may apply.
What If I Can’t File by October 15?
If a taxpayer is unable to file by October 15, they can request an additional extension by filing Form 2688. This form must be filed by October 15 and will extend the filing deadline for an additional two months. Taxpayers should note that this form does not extend the payment deadline and any taxes due must still be paid by April 15.
Requesting a tax filing extension can be a helpful option for taxpayers who are not able to file their taxes by the April 15 deadline. However, taxpayers should remember that an extension only applies to filing, not to payment of taxes due. If taxes are not paid by April 15, penalties and interest may apply.
