How To Get A Tax Extension This Year
What is a Tax Extension?
A tax extension is an extension of time granted by the IRS to allow taxpayers an additional six months to file their taxes. It's important to note that an extension of time to file is not an extension of time to pay any taxes due. If you are expecting to owe taxes, you must make a payment when you file the extension in order to avoid any penalties or interest charges.
Why Would I Need a Tax Extension?
Many people require a tax extension for a variety of reasons. Perhaps you haven't been able to gather all of your necessary documents in time, or maybe you are waiting for additional information from a tax professional. Whatever the reason, a tax extension is a great way to help you meet your filing deadline without incurring any penalties.
How Do I Request an Extension?
Requesting an extension is relatively easy and can be done in just a few steps. First, you'll need to obtain a Form 4868, which is the Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. Once you have the form, you will need to fill it out and submit it to the IRS. You can do this either online or by mail. If you choose to submit your form by mail, make sure you have it postmarked by the due date.
Do I Need to Submit Payment With My Extension Request?
Yes, you will need to submit an estimated payment with your extension request if you expect to owe any taxes due. This payment should cover your estimated tax liability for the year. If you fail to make an estimated payment with your extension request, you may be subject to penalties or interest charges.
When is the Deadline for Submitting an Extension?
The deadline for submitting an extension is generally the same as the filing deadline. For most taxpayers, that date is April 15th of the current year. However, if you are living abroad, you may be eligible for additional time, in which case your deadline would be June 15th.
What Happens After I Submit My Extension Request?
After you have submitted your extension request, you will receive an acknowledgement from the IRS indicating that your request has been received and processed. This acknowledgement should arrive within a few days of submitting your request. If you do not receive your acknowledgement within a few days, you can contact the IRS to verify that your extension request was received and processed.
When is My Tax Return Due After Filing an Extension?
If you have filed an extension, your tax return will be due on October 15th of the current year. However, if you are living abroad and have received an extension, your return will be due on December 15th of the current year.
What Happens if I Fail to File My Return by the Extended Deadline?
If you fail to file your return by the extended deadline, you will be subject to late filing penalties. The penalty is usually 5% of the unpaid taxes for each month or partial month that your return is late, up to a maximum of 25%. In addition, you will be subject to interest charges on any unpaid taxes.
What if I Can't Afford to Pay My Taxes?
If you cannot afford to pay your taxes, you may be eligible for a payment plan with the IRS. You can apply for a payment plan online or by phone. Keep in mind that if you enter into a payment plan, you will be subject to interest and penalties on any unpaid taxes.