Chris O'Shea
Did you file for a tax extension? If so, the deadline for filing your taxes is fast approaching. If you didn’t file for an extension, well, perhaps one day you’ll need one, and then what? Well, we’re here to help. Here’s what you should know about tax extensions.
What is a Tax Extension?
If you file a tax extension, you get to delay filing your taxes from April to October. The last day to file for an extension is April 15, and the deadline for the extended taxes is October 15. The key thing to remember here is that an extension doesn’t delay paying your taxes. If you owe taxes, you are still required to pay them by April 15, even if you file for an extension. The extension merely delays when the paperwork is due.
How to File an Extension
You can file for a tax extension in the following ways:
- Use the IRS website.
- If you’re using tax software, they also provide a place where you can ask for an extension.
- You can also file for an extension by mailing the Form 4868 to the IRS. A tax extension is free of charge.
Why You May Consider Filing an Extension
The most common reason for filing an extension is that you need more time to locate and/or complete tax documents and other paperwork.
Do One Thing: If you need more time on paperwork, file for a tax extension so that you don’t get hit with any late filing fees.
