Deadline For Filing Income Tax Returns That Have Received Extensions
What Are Tax Extensions?
Tax extensions are a way of granting taxpayers extra time to file their income tax returns. Taxpayers who require more time to assemble their documents and prepare their tax returns can file a request for an extension with the IRS. The IRS will grant an extension for up to six months, giving the taxpayer until October 15th to submit their return. Tax extensions are especially useful for taxpayers who work in the military, live abroad, or have suffered from a natural disaster.
Tax extensions are granted to taxpayers for any number of reasons. However, it is important to note that filing for a tax extension does not grant the taxpayer any additional time to pay their taxes. Any taxes owed must still be paid by the original April 15th deadline, otherwise the taxpayer could be subject to penalties and interest.
What Are The Benefits Of Tax Extensions?
Tax extensions provide taxpayers with extra time to prepare and file their returns. This is especially beneficial for taxpayers who require additional time to gather their documents and information. Tax extensions can also help taxpayers avoid making mistakes on their returns, as they have more time to double-check their return and ensure accuracy. Finally, tax extensions can provide taxpayers with more time to come up with the funds to pay any taxes they owe.
What Are The Pitfalls Of Tax Extensions?
While tax extensions provide taxpayers with extra time to prepare their returns, there are several drawbacks. If the taxpayer does not pay their taxes by the original deadline of April 15th, they could be subject to late fees and interest charges. Additionally, taxpayers who file for a tax extension might have to wait longer for their refund if they are owed one. Finally, if the taxpayer is due a refund, they will not receive it until the new October 15th deadline.
What Are The Requirements For Filing A Tax Extension?
In order to file for a tax extension, a taxpayer must fill out and submit Form 4868 to the IRS by the April 15th deadline. The form must include the taxpayer’s name, address, Social Security Number, and estimated tax liability. The taxpayer must also include a payment for any taxes owed. Once the form is submitted, the taxpayer will be granted an extension for filing their return until October 15th.
What If I Miss The Tax Extension Deadline?
If a taxpayer misses the April 15th deadline for filing a tax extension, they may still be able to obtain an extension through the Electronic Federal Tax Payment System (EFTPS). This system allows taxpayers to file for a tax extension and make a payment for any taxes owed up until the October 15th deadline. However, taxpayers should be aware that any taxes owed must still be paid by the April 15th deadline.
Are There Any Other Options For Filing A Tax Extension?
In addition to filing Form 4868 and using the EFTPS, taxpayers may be able to obtain a tax extension by submitting a request for a “hardship extension”. This type of extension is granted to taxpayers who can prove that they are unable to pay their taxes due to a financial hardship. Hardship extensions are granted on a case-by-case basis and must be submitted by April 15th in order to be considered.
Conclusion
Tax extensions are a useful tool for taxpayers who need extra time to prepare and file their returns. However, it is important to note that taxpayers must still pay any taxes owed by the April 15th deadline, otherwise they could be subject to penalties and interest. Taxpayers who require additional time to pay their taxes can file for a tax extension through the EFTPS, or they may be eligible for a hardship extension if they can prove financial hardship. Regardless of the type of extension filed, all taxpayers must submit their returns by the October 15th deadline.