Everything You Need to Know About Filing a Tax Extension
You can’t always get your tax returns done on time. Whether you’ve got issues getting paperwork from employers, finding it in your house, have a short-term memory, etc., sometimes there isn’t enough time. That’s why tax extensions exist! Filing a tax extension allows the filer to request additional time past the original/typical April 15th deadline to submit their tax return to the IRS (Internal Revenue Service).
The typical deadline can vary in the case of weekends and holidays, so it may be extended to the next business day, but typically, it’s April 15th. That said, with an extension, you can extend your deadline for filing your return by up to 6 months (Oct. 15th).
Anyone can file for an extension without penalty, but the extension doesn’t extend the deadline for actually paying taxes owed. You still have to estimate and pay taxes owed by the original filing deadline to avoid penalties and interest.
A few ways to file your extension include:
Tax Preparation Software: Many tax prep software programs offer the option to file for an extension electronically as part of their services.
File Form 4868 (Application for Automatic Extension of Time to File U.S. Individual Income Tax Return): This form can be filed electronically through tax prep software, by mailing a paper form to the IRS, or by using the IRS's Free File system.
Electronic Federal Tax Payment System (EFTPS): If you need to make a payment along with your extension request, you can use the EFTPS to make an electronic payment.
Once you’ve filed, you’ll receive confirmation from the IRS electronically or by mail depending on how you filed, and you need to keep this for your records.
If worst comes to worst, and you still can’t figure it out, that’s why we’re here! Genovations Accounting can file tax extensions on your behalf. Schedule a free consultation with us to find out all the ways we can help you. Don’t stress your success.
